Ikoyi Money: Union Bank Wades Into Ownership Of Building

Union Bank of Nigeria Plc on Thursday asked
Justice Saliu Saidu of a Lagos Division of the
Federal High Court to vacate an interim order of
forfeiture placed on Flat 7B Osborne Towers,
Ikoyi, Lagos where the sums of $43,449,947,
£27,800 and N23, 218,000 (about N13 billion)
were discovered by the Economic and Financial
Crimes Commission (EFCC) on April 12, in iron
cabinets and "Ghana-must-go" bags.
The judge had on November 9, made the order
while granting an ex-parte application filed by
the anti-graft agency.
A firm, Chobe Ventures Limited, was joined as
the respondent in the suit.
Granting the ex-parte order, Mr. Saidu directed
the EFCC to notify the respondent in whose
possession the property was found to appear
before him in a fortnight to show reason why it
should not be permanently forfeited to the
federal government.
The anti-graft agency was also directed to
publicise the interim order in a national daily for
the respondent or anyone interested in the
property to show cause within two weeks why a
final forfeiture order should not be made on the
property.
However, at the resumed hearing of the matter
on Thursday, Union Bank through its lawyer, A.
A. Aribisala, a Senior Advocate of Nigeria, drew
the court's attention to an application seeking to
vacate the interim order of forfeiture.
In an affidavit in support of the application
deposed to by one, Alfred Olukayode Edun, the
bank argued that the forfeited flat was part of
the property situated at 16 Osborne Road, Ikoyi,
Lagos, belonging to Adamu Muazu, by virtue of
a certificate of occupancy dated 27th September
2009 and registered as 97/97/2009 in the Lands
Registry Office, Alausa, Lagos.
The bank said Mr. Muazu, a former Bauchi State
governor and former Chairman of the Peoples'
Democratic Party, had mortgaged the entire
property to it by virtue of a Tripartite Deed of
Legal Mortgage dated November 1, 2011, in
order to secure a loan granted to his company,
Tripple A Properties & Investment Ltd.
The bank further claimed that the original title
deed of the property had been vested in it while
the loan is yet to be liquidated till date despite
the fact that its tenor has expired.
The bank further claimed it sold the property to
Chobe Ventures Ltd to liquidate the loan.
However, in its counter affidavit to the
application, the EFCC argued that the bank lacks
the 'locus standi' to challenge the forfeiture of
property "reasonably suspected to have been
acquired with proceeds of unlawful activities of
Ambassador Ayo Oke and Mrs. Folashade Oke."