Prominent pillars of high society Prince Tony Momoh, Vice Admiral Akin Aduwo, Chief Felix Dokpesi and seven other directors of Osigwe Foods and Agro Industrial Limited have been dragged to face the legal music of the court following a case of alleged indebtedness to the tune of ₦5.4 billion against the company and its director.

The claimant, Asset Management Company of Nigeria (AMCON), through an affidavit filed before the federal high court by its lawyer Chief Aloy Ezenduka, averred that by facility letter dated 17th of July 2007 and the board resolutions dated 24th July 2007 and 10th December, 2007, Union Bank of Nigeria granted Osigwe Foods and Agro Industrial Limited various overdraft facilities totalling about ₦3.9 billion. Another facility of ₦1 billion was subsequently granted in 2010.

A copy of the affidavit obtained by Lagos Times alleges that the total indebtedness of the defendants as at February 2018 stands at ₦5.4 billion. It further maintained that the defendants have voluntarily and without compulsion admitted to ₦1.5 billion.

It is therefore praying the court to enter final judgment on the admitted sum and order the defendants to pay same with 18% interest per annum from the 28th day of February, 2011 to date of judgement and post judgement interest at the rate of 10% per annum until the final liquidation of the adjudged sum.

It however asked the court to then set the disputed outstanding balance between its claims of ₦5.4 billion and the defendants’ admitted indebtedness of ₦1.6 billion to trial on merit.

The case was however rescheduled due to its resumption clashing with the public holidays. It will most likely be adjourned to a date convenient for all parties