N2bn Judgment Debt: Court Summons NATCOM Acting DG

Wale Igbintade 

Justice Akinkunmi Idowu of the Lagos State High Court has summoned the acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons and Pipeline Vandalism (NATCOM), Mr. Adejare  Adegbenro, to appear before it following his failure to liquidate an alleged N2 billion judgment debt.

Justice Idowu issued the summons in a November 8 ruling on an application filed by Fundquest Financial Services through its lawyer, Mr. Adetunji Adedoyin-Adeniyi of AAA Chambers 

According to the summons, Adegbenro is the 3rd judgment debtor in a N2,016228,442.95 debt owed to the Judgment Creditor, Fundquest Financial Services Limited.

The judge adjourned till Monday, December 4 for further proceedings.

The summons reads in part: “The Judgment Creditor obtained a judgment against the above-named 3rd Judgment Debtor in this court on the 5th day of July 2021 for:

“The sum of N1,033,800,276.46 against the 1st and 2nd Judgment Debtors being the amount outstanding and unpaid, as of 30th November 2020 by the 1st & 3rd judgment debtor in respect of the Institutional Note Issuance/Commercial Paper Facilities in the sum of N405, 000,000, availed to the 1st judgment Debtor vide the Judgment Creditor’s offer letter of 27 April 2017 and guaranteed by the 3rd judgment debtor.”

Other sums mentioned as comprising the N2,016228,442.95 debt include N418,326,446.11 and N594,101,720.38.

 Justice Idowu added that the sums: “Be attached with interest at the contractual of 30 per cent per annum from the 30th November 2020 until 5th July 2021 and thereafter at 20 per cent per annum till the day the whole outstanding judgment debt is finally liquidated as per the summary judgment of this honourable court.

“And whereas default has been made in the payment of the judgment debt of N2,812,781,833.87 payable in pursuance of the said judgment and the Judgment Creditor has required the Judgment Summons to be issued against you the 3rd Judgment Debtor- Mr. Adejare Nurudeen Adegbenro.

“You are therefore summoned to appear personally in this court, to be examined on oath touching the means you have or have had since the day of the said judgment, and also to show cause why you should not be committed to prison for such default.”

In its July 5, 2021 judgment, the court then presided over by Justice Taofiquat Oyekan-Abdullahi, granted a Mareva Injunction restraining “all commercial banks in Nigeria” from releasing all monies/assets due to two firms and two persons, including Adegbenro from all accounts up to N2,016,228,442.95, pending the determination of the motion on notice.

The firms and the persons are Balmoral International Ltd, DDSS International Company Ltd, and Mr Adegbenro being first, second, third, and fourth defendants respectively. 

The suit, marked, LD/ADR/3462/2021, was filed by Fundquest Financial Services Limited.

Justice Oyekan-Abdullahi, who upheld Fundquest Financial Services’ application, further restrained the four defendants, including the 1st and 2nd defendants’ directors or agents, from transferring or dealing with their funds in the banks up to N2,016228,442.95. 

The judge also restrained the defendants from tampering with any of the 1st to 4th defendants’ “properties that can be traced and located by the claimant/applicant during the pendency of this suit.”