Between Access Bank And Odogwu Family: All You Need To Know About The Contention Over Prestigious Ikoyi Property

 

*N50b Settlement Sum In Contention
* Bank claims to have sold property located at 31-35 Ikoyi Crescent known as Le Meridien Grand Towers in line with court judgment
* Claims judgment debtors are yet to handover Dubai and Kiri-Kiri properties

 

By Wale Ameen

 

For some weeks now, Access Bank and the family of late businessman, Chief Sonny Odogwu have been engaged in a media war of words with both parties replying each other stating their sides of the story. In this two-part story, Wale Ameen details the claims from both parties.

The case involves the settlement of a judgment debt alleged to be to the tune of N50 billion in favour of Access Bank against Chief Sonny Odogwu and two of his companies, SIO Properties and Robert Dyson & Diket Limited.

Below is a breakdown of the events so far on the issue:

On Monday, December 20^th, 2021, Access Bank issued a statement wherein it stated that it had commenced the process of recovering the outstanding sums due it from the estate of late Chief Sonny Odogwu.

Swinging into action shortly after, counsel to the estate of late Chief Sonny Odogwu subsequently issued a statement on Thursday, December 2021.

According to Chief Anthony Idigbo SAN, of Punuka Attorneys & Solicitors, Solicitor to the Estate of Chief Sonny Odogwu, SIO Properties and Robert Dyson & Diket Limited, contrary to the claims in the story of ThisDay December 20,2021 where it was reported that Access Bank had commenced the process of recovering the outstanding sums due to it from a total of N50 billion judgment debt in its favour against the late Chief Sunny Odogwu and two of his companies, the solicitors clarified thus:

The parties had executed a settlement Agreement and Addendum by which the parties agreed to debt for asset swap in full and final settlement f the dispute and the indebtedness and the property located at 31-35 Ikoyi Cresecent, Lagos and registered as Number 17 Page 17 in volume 100, Federal Land Registry, Ikoyi Lagos did not form part of the Settlement Agreement and the Addendum.

Also that the parties in the referenced suits voluntarily with the involvement of their respective independent legal advisers, settled, relinquished any rights of the parties in the judgment delivered on November 3, 2015 in Suit No FHC/L/CS/1633/14 between then Diamond Banl Plc v Robert Dyson & Diket Limited & Ors and having compromised the November 3, 2015 judgment agreed that the only available right to the parties would be the enforcement of the Settlement Agreement and Addendum.

They also stated that the Settlement Agreement and Addendum upon execution by all the parties were filed at the Federal High Court Ikoyi and entered as Consent Judgment in Suit No: FHC/L/CS/156/17.

Going by the foregoing, they maintained that the Estate of Late Chief Sonny Odogwu has performed its obligations as contained in the Consent Judgement and maintained that the properties provided in the debt for asset swap as contained in the Consent Judgment made on October 11, 2019 are more than sufficient to satisfy the compromised settlement sum.

Contrary to what the publication reported but rather in line with the Consent Judgement in Suit No: FHC/L/CS/156/17 between Robert Dyson & Diket Limited & 2 Ors v Diamond Bank (now Access Bank Plc) which was made on October 11, 2019

Access Bank Replies

On Friday December 24^th,  2021 counsel to Access Bank PLC, Oluwakemi Balongun, SAN of Oluwakeli Balogun LP, in a swift reply countered the assertions of Chief Anthony Idigbo SAN and maintained that contrary to what was claimed that Access Bank has compromised rights by a purported Consent Judgement in the Suit No FHC/L/CS/156/2017 – Robert Dyson & Dyson Limited & 2 rs v. Diamond Bank Plc (now Access Bank Plc) of which the sacred covenants contained therein, known to the Debtors and its Counsel.

The statement asserted that Access Bank has activated the jurisdiction of the Federa High Court, Lagos in Suit No. FHC/L/CS/1955/2021 – Access Bank Plc & Annor v Robert Dyson & Diket Limited & 3 Ors to set aside the purported consent judgment in its entirety.

Continuing, the statement maintained that the Judgement Debtors were too pay the sum of USD$11.1m to the Judgement Creditor which is net amount from the proceed f the sale of the Berendo Property. This sum was to have been paid on or before 60 days from the date f the Settlement Agreement which is 30^th of May 2019 failing which, the Judgment Debtor were to assign all their interest in the Berendo Property to the Judgment Creditor upon the expiration of the 60 day period.

The statement says contrary to the purported Consent Judgment, the debtors have only paid the sum of $8,000,000 which was paid on 5^th of March 2021 after needless engagement.

It also maintained that contrary to the terms of the Settlement Agreement, the Judgment Debtors are yet to handover peaceful and quiet possession of 1 Happy home street, Kirikiri property. They are also yet to handover Fairmont Palm Residence, Dubai.

Click here to read Part Two.