In a bid to recover a debt of N2,131,710,083.25 Union bank Plc has appointed a senior Advocate of Nigeria Chief Ajibola Aribisala as a Receiver /Manager over a property of the former Governor of Bauchi State Alhaji Ahmadu Adamu Mu’azu, used as co -lateral to secure a loan of N1.6million.

Joined as co-respondents in the debt recovery suit are two Executive Directors of the Triple A Properties and investments limited,Adamu Mohammed Mussadiq and Alhaji Mohammed Addo.

In an affidavit sworn to by a member of the team of business support of Union bank Plc Mary Adebayo and filed before the court by Chief Ajibola Aribisala,the deponent averred that, in pursuance of the banker and customer relationship existing between Union bank Plc and Ahamadu Adamu Muazu, the bank offered him a credit facility styled as New Mortgage Finance in the sum of N1,600,000.00.

The purpose of the facility availed the former Governor of Bauchi State was to enable him purchase four apartment and two penthouses located at Osborne Road Ikoyi.

The terms and conditions of the new Mortgage finance facility availed him as contained in the offer letter amongst others includes quarterly repayment of N148million for 20quarters from the proceeds of rent on the 4 apartment and the penthouses and his other personal cash flow.

Alhaji Adamu Muazu being the alter ego of Triple A properties and investment limited company signed the offer letter dated 17th December, 2014.and in addition caused a guarantee to be issued by Adamu Mohammed Mussadiq in favour of the mortgage.

However, Adamu Muazu as the alter ego of the company did not service the quarterly repayment as at when due and this caused the bank to issue a demand notice on the 30th of April, 2015.for the repayment of the accrued indebtedness with interest.

Despite the letter of demand by the bank the defendant failed and neglected to repay the installment as demanded by the bank,Upon the expiration of the 3rd quarter, the bank also cause another demand letter dated 17th September, 2015 to be issued for the repayment of its outstanding facility to the bank which as at 30th of September, 2015 stood at the sum of N520.30million inclusive of interest. Thereafter at the expiration of the 4th quarter another letter of demand was issued still the defendant failed to repaid the long over due repayment.

The State of indebtedness of Adamu Mu’azu and Adamu Mohammed Mussadiq cum Mortgagor to the bank as at 31st January, 2018 stood at the sum of N2,131,710,083.25 without any form of repayments being made and the same continues to accumulate interest.

On January, 2018.and by a deed of appointment dated 9th February, 2018 the bank appointed Chief Ajibola Aribisala SAN as Receiver /Manager over all that  piece  of land and building situate at 16 Osborne Road south East Ikoyi residential scheme Eti -Osa area of Lagos State,measuring an area of 4479.39SQ Meters.

As the lawful appointed Receiver over the aforesaid property, Chief Aribisala is entitled to exercise the powers vested in him by law in respect of the aforesaid charged asset.

The defendants were alleged to have manifested an intention not to grant to the receiver /Manager the possession of the properties aforesaid, charged in favour of the bank, but have rather continued to make frantic efforts to sabotage the bank ‘s recovery of the credit facilities in furtherance of their plans, to dissipate the said assets, charged as security for the facilities.