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Tejuosho market: Court affirms Access Bank’s appointee

By on January 21, 2014
A Federal High Court in Lagos on Monday affirmed the appointee of Access Bank Plc, Mr. Kunle Ogunba (SAN),  as manager of the property of Tejuosho Ultramordern Market Phase 1, Yaba, Lagos, pending when the proceeds from the market will offset its developer’s debt to the bank. 

Justice Okon Abang, in a ruling, set aside a conflicting order obtained from another judge of the Federal High Court which affirmed First Bank Plc’s appointee as the receiver over the property.

The Lagos State Government had made a concession arrangement of the Phase 1 of the market with the developer, Stormberg Engineering  Company Ltd, and its owner, Mr. Dolapo Atimo,  who in turn, had used the property to obtain separate loans from Access Bank and First Bank.

First Bank was said to have on March 13, 2012, obtained an order from the serving judge of the Federal High Court, Lagos, Justice Okechukwu Okeke, (now retired), affirming the bank’s appointee as receiver for the market.
Abang ruled on Monday that Okeke’s order ran contrary to an earlier one he had given on June 6, 2011 on the same subject matter, whereby he affirmed Access Bank’s appointee, Ogunba, as the receiver over the property.
Abang delivered his ruling in the matter, which he took over from Okeke following the judge’s retirement last May.
He held that the order given by Okeke was a nullity as it ought not to have been made due to the circumstances of the case, adding that First Bank’s fresh suit was an abuse of court process.
According to Abang, the bank ought not to have filed a fresh suit on the same subject matter, having filed an appeal against the consent judgment he delivered in the earlier suit between Access Bank and Stormberg Engineering Company.
He thereby dismissed the suit and awarded N50,000 cost against First Bank.
Abang ruled, “First Bank should pursue its appeal against the consent judgment to a logical conclusion. The right of First Bank is already protected because if its appeal succeeds, the Court of Appeal will order a retrial and the parties can then come before one judge, not two judges of the Federal High Court, to determine the case.
“The prayers of Access Bank are hereby granted and the bank.
“The order made by Justice Okeke is hereby set aside and accordingly vacated.
“The present suit is an abuse of court process and it is hereby dismissed.”
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