Court Orders Sale of Company’s Assets to Repay Unity Bank Loan

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By Aduragbemi Omiyale

After a long battle in the court, Unity Bank Plc can now heave a sigh of relief as its hope of getting the N150 million loan it granted a late businessman, Mr Adekunle Adedeji, who owned Decrest Ayaduk Haulage, is brighter.

This is because Justice Mojisola Dada of the Special Offences Court, sitting in Ikeja, Lagos, has ordered the company’s assets sold to repay the Unity Bank loan.

Delivering the judgement on Thursday, December 15, 2022, the judge also directed that Decrest Ayaduk Haulage be wound up over the N150 million fraud.

Business Post gathered that in 2018, the financial institution petitioned the Economic and Financial Crimes Commission (EFCC) over the loan.

The lender accused the deceased of defrauding it by diverting the money to other personal purposes rather than the haulage business he claimed it was meant for.

Upon investigation, the EFCC had, in May 2019, arraigned the late defendant, who was the Managing Director, alongside Decrest Ayaduk Haulage, on a two-count charge bordering on obtaining by false pretence and stealing, to which he pleaded “not guilty.”

During the trial, Mr Adedeji died, prompting the prosecution to amend the charges, as the late MD was removed, and the company was prosecuted.

The prosecution, in the course of the trial, called four witnesses through whom several documents were tendered in evidence.

Delivering judgment, Justice Dada held that the prosecution proved its case against the defendant and so found the defendant guilty as charged.

The company was, therefore, ordered to be wound up and all its assets sold to ensure restitution.

The judge also ordered the final forfeiture of Fountain Estate and Fountain House in Badagry, Lagos, being properties traced to the defendant.

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