The United Bank for Africa (UBA) has taken over assets of a construction firm, Borini Prono (Nig), in the execution of a N831,024,818.30 judgment debt decided by the Federal High Court in Lagos.
At Borini Prono’s premises in Lagos, court sheriffs carried out the verdict under the protection of police officers.
Following Justice Rilwan Aikawa’s ruling on August 28, 2020, the bank, acting through its Receiver Manager, seized ownership of the firm’s assets.
The judgment states that the parties agreed that the concession made by the first plaintiff regarding the debt as per interest would be withdrawn and the defendant’s obligation would be as if there had been no concession at all if the N831,024,818.30 was not fully paid on or by September 30.
It said in which case the plaintiffs shall pursue the entire indebtedness, and deal with the defendants’ assets ‘’in any manner(s) recognized by law and/or under the Deed of All Assets Debenture dated May 6, 2014, without recourse to the defendant or court’’.
In a statement by its lawyer, Temilolu Adamolekun, the bank said it “commenced an action against Borini Prono in 2019, just before the latter commenced rehabilitation of the Third Mainland Bridge.
“The Receiver Manager appointed by UBA took possession of all assets of Borini Prono, but upon the intervention of the Minister of Works and Housing, Mr. Babatunde Raji Fashola, parties entered into Terms of Settlement and adopted same on August 28, 2020.
“Consequent upon the terms, the Receiver released the assets in his possession and Borini Prono could commence execution of the contract on the bridge.
“The assets in possession of the Receiver was what initially delayed commencement of the rehabilitation … even when the ministry had announced the date of commencement.”
The statement added: “… Borini Prono was expected to liquidate … N831, 024, 818. 30 on or before September 30.
But Borini Prono failed to fully liquidate the judgment sum, thereby leaving N586, 024, 818, 30 only.
“As a result … UBA has now enforced the judgment of the court through the instrumentality of the court and has, on October 28, taken over assets of Borini Prono …”
