‘N13bn Debt’: GTB Appeals Ruling, Serves Court Processes On Police

A receiver/manager, Gbenga Akinde-Peters, and Guaranty Trust Bank (GTB) have approached the Lagos division of Appeal court, seeking an order of stay against the ruling of Justice Ambrose Lewis-Allagoa of Lagos Federal High Court, which upturned the consent judgment granting them power to take over the affairs of five companies.

The five companies are: THP Limited; The Honda Place Limited; Connoisseur Investment Limited; Premium Seafoods Limited and Onward Fisheries Nigeria Limited

Despite an appeal against the ruling delivered by Justice Ambrose Lewis-Allagoa on Monday.

Men of the Nigeria Police, Zone 2, went to execute a purported order of court without the Court Bailiffs.

Recall that on February 1, 2023, bailiffs of the Federal High Court delivered possession of the properties and assets of Stallion Nigeria Limited to the Receiver/ Manager appointed by GTB by virtue of the judgement of 17th February, 2019.

The sister companies of Stallion filed an Application to set aside the execution on some grounds.

Justice Allagoa heard the Application to set aside the execution on the 17th of February, 2023 and delivered ruling on the 20th of February, 2023, setting aside the execution.

However, not more than 30 minutes after the ruling, GTB appealed against the ruling and filed a Motion for Stay of Execution of the ruling/order of court made on 20th February, 2023 and also by the said Application, seeking injunction pending.

Despite the Appeal and the Motion for Stay, the Police from Zone 2 and without the court bailiffs, went to the premises and made attempts to execute the already appealed order.

The police was seen at the premises, but, without court Bailiffs.

The Receiver/Manager became judgment creditors by the consent judgment made by parties on December 17, 2019, while the judgment was executed on February 1, 2023, due to alleged failure of the judgment debtor firms to abide with the terms of consent judgment.

But Justice Lewis-Allagoa on February 20, while delivering ruling on the application filed by the judgment debtor companies, despite not filing any stay of execution or appeal against the judgment consent, made an Order setting aside the execution of the Consent Judgment.

Dissatisfied with the Justice Lewis-Allagoa action, the judgment creditors have filed a notice of appeal and urged the court to set aside the ruling of the lower court.

The Appellants through their lawyer, Temilolu Adamolekun, listed four four grounds for the appeal.

The Appellants ground one of appeal is that “The learned Trial Judge erred in law when he made an Order setting aside the execution of the Consent Judgment of the 17th of December, 2019 carried out on the 1st of February, 2023, where there was no appeal against the Consent Judgment, no Motion for Stay of Execution of the Consent Judgment, no Order staying the execution of the Consent Judgment.

“The learned Trial Judge misdirected himself in law when he held that the Appellants ought not to have executed the Consent Judgment of 17th of December, 2019 carried out on the of February, 2023, in view of the pendency of the Application for Extension of time before the Lower Court dated 8th December 2022 to complete the Audit Report, that was pending before the Court, thereby amending/inserting an extraneous condition for the enforcement of the Consent judgment 17th December, 2019, which the Court had no jurisdictional power to do.

“The learned Trial Judge erred in law when he set aside the execution of the Consent Judgment on the basis that the Appellants did not apply for a Positive Order for the enforcement of the execution where in reality the Consent Judgment already provided for the enforcement of the Consent Judgment, where there is a breach of any of the terms of the Consent Judgment.”

The appellants are therefore seeking the following reliefs: “A Order Of Stay Execution of the Order of 20th February, 2023 pending the determination of the Appeal filed by the Plaintiffs/Appellants.”