Alleged $91.4m debt: Banks move against BEDC, Osibodu couple

Three banks and two firms have approached a Federal High Court in Lagos for orders and injunctions towards recovering an alleged $91.4 million debt from Mr. Victor Osibidu, his wife Mrs. Funke and their firms.

The banks and two firms – who are counter-claimants/applicants in a suit marked FHC/L/CS/239/2022 before Justice Yellim Bogoro – are Stanbic-IBTC; Fidelity Bank Plc; Keystone Bank Limited; ALM Consulting Limited and Stanbic-IBTC Trustees Limited.

Listed as defendants to counter-claim/respondents are Vigeo Holdings Limited (In receivership); VHL International Limited; Global Utilities Management Company Limited; Design Innovation Limited; Mr. Victor Gbolade Sobodu; Mrs. Funke Iyabo Sobodu; Vigeo Power Limited and Benin Electricity Distribution Company (BEDC) Plc.

The counter-claimants/applicants in their motion on notice are asking the court for an order entering summary judgment against the respondents on the “undisputed principal amount/credit facilities availed by first to third applicants and absence of conceivable and/or sustainable defence to applicants’ Counter-Claim” to wit:

“Judgment on the liquidated sum of $22,300 million against the Respondents being the principal sum/restructured credit facility advanced by the first Applicant to the first Respondent as at March 24, 2016.

“Judgment on the liquidated sum of $55,309,439.13 against the Respondents being principal sum/restructured credit facility advanced by the second Applicant to the first Respondent as of June 5, 2018.

“Judgment on the liquidated sum of N24,785,319 billion against the Respondents being the principal sum/restructured credit facility advanced by the third Counter-claimant/Applicant to the first respondent as at June 16 2021.

“Judgment in the aggregate/cumulative sum of $77,609,439.13 and N24,785,319 billion, and Interest on the above stated sums at the rate of 12.5 percent par annum from the date of the judgment till liquidation of the judgment sums.

They also asked the court for an order setting down for trial, the determination of the extent of the Respondents’ indebtedness on the accrued Interest of the stated principal sums from the date of the restructured facilities being March 2, 2016, 5 June, 2018 and June 16, 2021, till the date the summary judgment above was entered; being the crux of the Respondents’ alleged dispute.

The counter-claimants/applicants also asked the court for an interlocutory order granting leave to them and the Receiver/Manager – Mr. Kunle Ogunba (SAN) – appointeg pursuant to a Deed of Appointment of Receiver/Manager dated the February, 2022 and duly registered at the Corporate Affairs Commission, {CAC}.

The order seeks to take over and preserve the assets of the Respondents, particularly: the seventh defendant to the counter claim’s (Vigeo Power Limited) 60% in the Benin Electricity Distribution Plc, {being the asset purchased with the facility sums availed the first Defendant to the Counter Claim the first to third Counter-Claimants}.

Others are property at 16A Milverton Road, Ikoyi, Lagos; Property at 6 Osborne Road, Ikoyi, Lagos, Nigeria; Property at 31A, Adeniyi Jones Avenue, Ikeja, Lagos and property at Flat 5, 33 Bryanston Square, London, V 2DX.

The second Defendant to the counter claim’s 12.5 million Units of shares in the first Defendant; the Defendant to the counter claim’s 7, 500 million Units of its shares in the seventh defendant to counter claim; the first Defendant to the counter claim’s 22.5 million Units of its shares in the seventh Defendant to the counter claim, and the shares of the first Defendant to the counter claim in the fourth Defendant to the counter claim; Funds/monies in any bank account within the jurisdiction of the Court belonging to the Defendants to the counter-Claim, among others.

They also asked for an interlocutory order granting judicial protection to the Applicants and/or Ogunba in the course of the performance of his duties over the assets of the respondents pending the hearing and final determination of the substantive suit, among others.

They also asked the court for an order directing all the banks and/or finance institutions in Nigeria to furnish the court and/or the Counter Claimants/Applicants or the Receiver/Manager details of any sums standing to the credit of the Respondents herein within {seven} days.