Access Bank can go ahead with the recovery of N26 billion from the late Chief Sunny Odogwu family, a Federal High Court in Lagos has said.
The commercial bank had in 2021 instituted a suit against the late Odogwu to recover a N50 billion loan he obtained to build a luxurious property known as Luxury Collection Hotels and Apartments located at 31 -35 Ikoyi Crescent, Ikoyi.
Used as collateral for the loan are some of his prime properties in Lagos, Abuja, Dubai, and Los Angeles.
In November 2015, a Federal High Court found Odogwu and his companies guilty of a breach of Bank-Customer Relationship and therefore ordered the sale of the Luxury Collection Hotels and Apartments used as collateral for the loan.
The judgment was yet to be executed before the Asaba Delta-born businessman died on November 6, 2018. Thus, following his demise his family members who are beneficiaries of his estate resisted efforts by Access Bank, the judgment creditor from selling the property to recover its loan.
The two parties dragged the issue for more than five years until Access Bank decided to go to court in December 2021 to enforce the 2015 judgment.
Finally on Friday, Justice Daniel Osiagor of a federal high court in Lagos dismissed the preliminary objection filed by the Odogwu family to stop Access Bank from recovering the loan.
Justice Osiagor ruled that the earlier consent judgement agreed upon by the two parties for Access to received full and final payment of N12 billion must be followed through.
The judgement was an affirmation of an earlier one by Justice Saliu Saidu, which ordered the defendants to pay its outstanding indebtedness of N26 billion.
To be paid Access Bank by the judgment debtor is N26 billion less the amount it had earlier paid.
Justice Osiagor also awarded a cost of N200,000 against the defendants.
