Court awards N400m against Dantata
Justice Beatrice Oke-Lawal of a Lagos High Court, Igbosere has awarded the sum of N400 million against Alhaji Abdu Garba Dantata in a suit filed by Lotus Capital Limited over his failure to honour a guarantee he issued on behalf of AMS Logistics Limited.
The writ of summon filed before the court by the Lotus Capital Limited marked as LD/1076/2013 and dated December 2, 2013 was to compel the defendant to pay the judgment sum of the total outstanding monthly rental sum due to the claimant under the agreement from the original debtors (AMS).
The court order came following his (Dantata) failure to honour a guarantee he issued on behalf of AMS Logistics Limited, a company owned by his cousin, Alhaji Kafilu Baba, to support a lease finance facility granted AMS Logistics
Limited by Lotus Capital. AMS Logistics Limited had defaulted on the facility and the guarantee crystallised.
According to Lotus Capital Limited, it served several demand notices on the defendant but he failed to indemnify Lotus Capital for the guarantee sum.
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