By Modupe Gbadeyanka
A firm belonging to a top Niger Delta militant, Mr Government Ekpemupolo, otherwise known as Tompolo, Muhaabix Global Services Limited, has been taken to court by Unity Bank over a debt in the region of N5.3 billion.
The financial institution filed a suit against the company before a Federal High Court sitting in Lagos in efforts to recover the debt.
According to the bank’s counsel, Mr Oluwafemi Atoyebi (SAN), on November 14, 2014, Muhaabix Global Services Ltd sought to get €8.4 million, €282,924 and N500 million from Unity Bank to fund letters of credit for the importation of the two dredgers and their spare parts, which were granted.
It was disclosed that pursuant to the loan agreement and in consideration of both parties, Muhaabix Global Services Ltd executed and registered in favour of Unity bank a debenture deed over the dregers, “Damen CSD 500 and Damen CSD 650 as security for the payment of all the loans, all accrued interest and any outstanding amount payable to the bank.
Following the execution of the mortgage on the imported dredgers, the company also gave lien over its fixed deposit investment with the bank which was in the sum of N2.4 billion and the company also undertook to domicile the balance of its contractual earnings from the Nigerian Maritime Safety and Administration Agency (NIMASA) over the phase 1 and 2 dredging and sand filling contracts to the bank.
However, Unity Bank averred that despite Muhaabix Global Services Limited’s covenant of repayment agreement/undertakings, the company has failed, refused and neglected to liquidate its huge colossal indebtedness to the bank.
Moreso, in consequence of the attachment of its fixed deposit investment and post no debit on its account by the Economic and Financial Crime Commission (EFCC) thereby rendering the security over the imported dredgers, grossly inchoate.
The company has variously defaulted on the huge facilities availed it by the bank including the loan subsequently requested for and availed it in the sum of N60 million and N59 million to meet and augment its working capital.
Unity Bank averred further that by reason of the foregoing and the breaches of the company of the loan agreement, it has suffered huge financial losses and damages.
Consequently, the bank’s claim against the defendants jointly and severally is in the total sum of N5.3 billion being the total outstanding loan granted Muhaabix Global Services Ltd with interests of 9.2591 percent per day from November 16, 2016 until judgment for a minimum of three years which the bank reasonably estimate the matter to last for in court and thereafter, at 6 percent per annum post judgement interest until payment and the legal costs of instituting and prosecuting this legal action.
Joined as co-defendants in the ensuing debt recovery suit are two ocean going Vessels Damen CSD 500 and Damen CSD 650.
Damen CSD 500 is currently deployed at the proposed Dock/Shipyard,Delta state in fulfillment of a dredging contract by NIMASA while Damen CSD 650 together with spare parts is currently lying at the Julius Berger Jetty, Warri awaiting customs clearance. The two dredgers were imported by Muhaabix Global Services Ltd.
Meanwhile, the presiding judge, Justice Oluremi Oguntoyinbo, has adjourned the matter till April 12, 2017 for mention.
