Law  

Court restrains bank from using police for debt recovery

IN a bid to forestall the abuse of fundamental right of an oil company, Euro flow designs limited, and its two directors, Godwin Adamolekun and Jimi Bademosi, by using police as debt recovery agents, a Federal High Court, Lagos has restrained Guaranty Trust bank PLC from presenting N100million cheque that was issued by the applicants under duress.

The applicants had signed the cheque before the Police in order to regain their freedom from custody.

Other defendants in the fundamental right enforcement suit are, Attorney General of the Federation, Inspector General of Police, Commissioner of Police, special fraud unit Ikoyi Lagos, superintendent of police, Shola Oketunji, officer Lawal, Asorp petroleum limited, staff of Guaranty Trust bank, Ibiwumi Okusanya and Tola Okusanya and unknown persons.

Justice Saidu, after hearing the submission of the applicants counsel, Michael Akinyemi, restrained the respondents and their agents from arresting and detaining the applicants pending the hearing and determination of the substantive suit.

The respondents were also restrained from presenting the N100million cheque issued under duress by the applicants while been in the custody of the Police for loan repayment.

Police were also directed to release the International Passport of the applicants to the Deputy Sherrif of the court whom shall take custody of  same pending the hearing and final determination of the suit.

Thereafter tthe court adjourned till  June 18, 2015 for hearing of the motion on notice.
The order of the court was sequel to an affidavit sworn to by Bademosi in support of motion ex-parte filed and argued before the Justice Saliu Saidu his counsel, Michael Akinyemi.

The deponent averred that sometime in 2010 Euroflow company approached Guaranty bank for a loan to finance the purchase of a vessel. The discussion brought a meeting set up the directors of the bank led by late Tayo Aderinokun. It later turned out that the parties did not agree on the terms and conditions.
Consequently an account officer of the bank, Tola Okusanya introduce Euroflow to another oil company Ascorp petroleum company who was willing to invest in the purchase of a vessel, hence Ascorp petroleum company loaned Euroflow Designs company the sum of N375million and deducted N13,315,068.50 to cover bank changes, facilitation fees and interest up front.
 
Despite setbacks in engaging the vessel purchase for contracts, the Euroflow company continued to raise money from other sources to show good faith and continue to pay back the loan.

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