- Access Bank and the late Sunny Odogwu's family are in a tussle over the ownership of properties in Lagos due to a loan default
- The family of the late Odogwu wants to sell off properties given to Access Bank by a court for debt recovery
- The initial loan granted to Odogwu and his companies is N26 billion which has accumulated interest to bring it to N50 billion
One of Nigeria’s biggest banks, Access Bank and the family of late business mogul, Sunny Odogwu are locked in a legal tussle over the sale of N50 billion property in Lagos.
Last week, a debt recovery was instituted by Access Bank against the Late Odogwu and two of his companies.
Court injunction flouted
A court gave Access Bank approval to recover over N50 billion from the late businessman and two of his enterprises, Robert Dyson & Diket Limited, and SIO Property Limited.
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Beneficiaries of the late businessman’s estate attempted to sell off the properties belonging to him, including the ones granted to Access Bank by a court order to be sold for debt recovery.
Federal High Court in November 2015, found the late Odogwu and his companies culpable of a breach of bank-customer relationship and ordered the liquidation of the property used as collateral for the loan.
The rising debt profile
N26.2 billion was used in the financing of the Le Meridien Grand Towers, also known as Luxury Collection Hotels and Apartments at 31 -35 Ikoyi Crescent, Ikoyi, Lagos. The 20 per cent interest rate on the loan has caused it to skyrocket to N50 billion.
The property belonging to SIO Property Limited in which the late Odogwu was a majority shareholder, was financed with a loan from Diamond bank, now Access bank.
As a result of the judgement, the court stopped Odogwu from disposing of, selling or excluding any of his assets, money, shares, stocks and any of his negotiable instruments until the N26 billion is fully paid.
Odogwu appealed against the ruling and died while the case was still pending.
The late Odogwu’s estate initiated the sale of many of his properties and assets, including Le Meridien Grand Tower which Acess bank wanted to sell.
The bank as the beneficial owner under the Judgment has taken steps to sell the property situated at 31-35 Ikoyi Crescent, Ikoyi, Lagos to a new owner.
The move to take over the property by Access Bank was met with a stiff resistance from the beneficiaries of the estate of the late Odogwu and other unknown persons who are said to have promised to truncate any attempt to take over the property.