Guardian

AN Abuja High Court has struck out the suit instituted by a member of the Board of Directors of Keystone Bank, Dr Maude Aminun-Kano, praying it for an order restraining Union Bank from selling his property in settlement of a loan of N459 million he took in 2010 to buy a house in Lagos.

Justice Husseini Baba-Yusuf threw out the case after Union Bank had opposed the plaintiff’s application for more time saying that the plaintiff was merely asking for more time to delay the justice of the case.

Union Bank therefore prayed the court to throw out the suit for want of diligent prosecution; a request the judge granted immediately.

Union Bank further stated that it was not aware of any move by the plaintiff to settle the matter.

After listening to arguments of both parties, the judge struck out the plaintiff’s case on ground that “no credible reason was given to warrant the court to grant an adjournment.”

The striking out of the case therefore clears legal hurdle for Union Bank to dispose the mortgaged property to settle the loan.

However, the counter-claim filed by the bank is still pending.

In the counter  claim, Union Bank had asked the court to compel Aminun-Kano to pay a loan of N459 million he took in 2010 to buy a house in Lagos.

In the counter-claim filed by Union Bank’s counsel, Chimezie Ojiabo, the bank said that Aminun-Kano took a loan facility of N260 million to buy a Five Bed-room detached house with guest chalet and four room boys quarters located at No 3c Bank Road, Ikoyi, Lagos under the presidential implementation committee on Federal Government Landed Property Scheme.

He stated that as at close of work on October 8th, 2012, the total indebtedness of Aminu-Kano on account of the loan stood at N459,443,799.29.

However as the bank began to take step to sell the property to realise the loan, Aminun-Kano went to court claiming that Union Bank was not entitled to sell the property because the bank’s management was still negotiating with him.

He also asked the court to order the bank to pay him N5 million as general damages for breach of understanding and inconveniences suffered by him .

He  further asked the court to compel the bank to return to him the certificate of occupancy in respect of his house in Abuja which he used as collateral for the loan .

Union Bank however filed a counter-claim in which it stated that Aminun-Kano was not  willing to pay the loan it gave to him.

The bank submitted that none of its  management staff was negotiating with him and that  he had no plans to repay the loan but was hoping that the bank would go under and he would  therefore escape liability to pay the loan.

The bank further  stated that seven months after the expiration of the date of repayment, he asked for interest waiver on the loan and in response the bank gave him a concession and asked him to pay N310 million within 60 days as full and final settlement of his indebtedness.

Union Bank also submitted that Aminun-Kano failed to take advantage of the concession granted him consequent upon which the bank appointed one Mr Chikwendu Madumere as a debt recovery agent to recover the debt.

Consequently, Madumere wrote him a letter of demand to Aminun-Kano but he still refused to pay back the loan.

The bank stated; “The plaintiff does not want to repay the loan and does not want the bank to realize the security for the loan.”

But Union Bank described the suit filed by the plaintiff as a “design by him to use the instrumentality of the court to frustrate the bank and avoid his obligation to the bank.”

The bank said  that the plaintiff was merely pretending he wanted to sell the property to repay the loan, as interested buyers had offered him prices ranging from N400 million to N500 million but that he rejected the offers without any cogent reason.