Receiver Takes possession Of Ladoja’s House Over N207 Million

* Source :


In a bid to recover a debt of N207, 150,761.46, Guaranty Trust Bank PLC alongside its Receiver /Manager Olamide Owolegbon has dragged former Governor of Oyo States, Senator Rashidi Adewolu Ladoja and a limited liability company Hi-Nutrient International Limited before a Federal High Court sitting in Lagos.

Meanwhile, the court has granted leave to the Receiver Manager, Mr Owolegbon Olamide appointed by Guaranty Trust bank to take possession of a property belonging to the former governor, pending the determination of the substantive suit.

The order of the court was sequel to an application filed before the court by a Lagos based lawyer  Temilolu Adamolekun on behalf of Guaranty Trust Bank and its Receiver Manager, Owolegbon Olamide, against Senator Rashidi Adewolu Ladoja and his company, Hi-Nutrient international Limited.

In an affidavit sworn to by a Litigation Manager ,Mr Segun Omoshola, filed and argued before the court by Mr Adamolekun, the deponent averred that ,Guaranty Trust  bank availed several loans facilities to HI-NUTRIENT INTERNATIONAL LIMITED to finance the acquisition of plant and equipment for the company’s factory.

The defendants executed the following documents as security for the loan : A duly registered tripartite deed of legal Mortgage of all parcel of land together with any building and appurtenances thereon situate at plot 25A, B and C, Marine Road, now known as 57,Oscar Ibru Way Soaps, Apapa Local Government Area of Lagos State, Nigeria.

A personal guarantee and indemnity signed by one Mr Olabode Adetoyi,  who is an alter ego of Hi-Nutrient international company.

The defendants despite several letters of demands have failed to liquidate the facility which has continued to accrue interest.

The defendants indebtedness to the bank now stood at N207,150,761.46

Consequently, the bank appointed Mr Olamide Owolegbon as Receiver/Manager over the property charged in favour of the bank.

Upon the appointment, the Receiver/Manager is statutorily empowered by law to take charge and remain in exclusive possession and control of the property and assets over which he was appointed as Receiver /Manager.

Consequently, Mr Adamolekun contended that unless the defendants and the directors of the company are restrained, they would strip the mortgage property and dispose same;thus leaving the bank without any means of recouping or realising the indebtedness of the defendants, therefore the Receiver /Manager needs the protection and direction of the court to enable him perform his duties unhindered

In his ruling, the Presiding Judge, Rilwan Aikawa, while granting leave to the Receiver Manager to take exclusive possession of the property situated at 57,Oscar Ibru way Apapa local Government area of Lagos State, restrained the defendants and the Directors of the company and their agents from frustrating Olamide Owolegbon, the receiver Manager from exercising all the powers vested in him to perform his duties.

The case has been adjourned till next week for the hearing of the substantive suit.



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