Read the press release below…
On the publication of judgement in suit no: FHC/L/CS/1633/14 between Diamond Bank PLC and
1. Robert Dyson & Diket limited
2. SIO Properties Limited
3. Chief Sonny Odogwu
4. Corporation Affairs Commission
5. The Registrar of Title Federal Land Registry
6. Leadway Trustees Limited
CAVEATEMPTOR
Wehavebeenretainedascounseltothe1st to3rd DefendantsandAppellantsin respect of the appealagainsttheabovejudgment.
OurattentionhasbeendrawntothepublicationofthejudgmentofHonourable JusticeSaiduoftheFederalHighCourt,Lagosdeliveredonthe3rdNovember,2015 invariousnationaldailies,withanadvertisementforsaleofpropertyatno.31–35
IkoyiCrescent,Lagos.Wewishtostateasfollows:
1. The1st to3rd Defendants/judgmentdebtorshavepursuanttotheir constitutionalrightsfiledaNoticeofAppealdated5thNovember,2015
2. The1st–3rdDefendantshavealsofiledamotionforStayofExecutiondated
5thNovember,2015andservedsameontheplaintiff/judgmentcreditor’s
counselMessrs.KemiBalogun&Co.
3. Theactofpublishingthejudgmentandputtingthepropertyupforsalevia THISDAYNewspaperofNovember,6,2015,whilst theappealandthemotion forstayarependingisseriouslyprejudicialtothe1st –3rd Defendantswho havearightofappealandhaveexercisedsame.
4. Thesaidpublication isanattempttodeprivethe1st–3rdDefendantsoftheir righttofairhearingwhichincludestheirrightofappeal,andweurgethe generalpublic torespecttherightsoftheDefendantsaswellasthejudicial systemofNigeria, anddiscountenancetheadvertisementofthepropertyfor sale.Therighttosell the propertyis part of thesubjectmatterofthepending appealandstay application.
5. Itispertinenttostatethattheunholyspeedwithwhichthesaidpublication wasmadeis inbreach ofthe holdingperiodprescribed bytheSheriffandCivil Process Act.
6. Thejudgmentbeingessentiallyamoneyjudgmentamongstotherreliefs sought hasaprocedureforexecutionundertheSheriffand CivilProcessAct. UndertheActrealpropertycannotbesolduntilafterexecutionagainst the moveablesofthejudgmentdebtor.NoWritofFifawasissuedagainstthe moveablesofthejudgment creditorsbeforetheadvertisementofthe immovable propertyforsale.Grantofleavetoforecloseinthejudgment did notremovetheneedforcompliancewiththeprovisionsoftheSheriffand CivilProcess Actinexecutionof thejudgment.
7.Thejudgment creditorcannotexecutethesaidJudgmentwhilstthereis pending amotionforstayofexecutionandaNoticeofAppeal.Wewishto emphasise thejudgment oftheSupremeCourtinthecaseofVaswani TradingCo.v.Savalakh(1971)1ANLR(Pt.2)483wheretheapex Courtstatedasfollows:
“Moreimportant,however,isthedutyofthiscourt,asindeedthatofthe
othercourts,toensurethatit‘sordersarenotnugatory.Theapplicantsare exercisingtheirundoubtedrightofappeal.Therespondentsarewellawareof thisandthe applicantsarecertainlyentitledtosoexercisethatrightaslong astheydosoinaccordancewiththeprovisionsofthestatuteconferringthe right.
8. Thejudgmentrelatestoabridgefinanceof N5.052billion(theFacility)for development of Le Meridien Grand Towers Project at Ikoyi Lagos (the Project).ThebridgefinancewastolasttillwhenDiamond BankPlcwasto arrangethefullprojectfinancewhich wastotakeitout,preciselywhyitwas calledbridgefinancetobridgebetweenconstructionandfinancial closingbut DiamondBankPlcrefused,failed,omittedandorneglectedtoachievefull projectfinanceandfinancial closurefortheProjectinaccordancewithusual professionalbankingpractice.
9. Insteadthebankbroughtawhoppingandincredibleclaimforthesumof N26,229,943,035.22 (i.e.overN26.2Billion)basedonthebridge finance of N5.052 billion (the Facility). The claim was deeply disputed resultingininterventionbytheapexregulatorasmediatorandregulatorof the bankingindustry. Counselfor1stto3rdDefendanttothe knowledgeofthe Plaintiffhadactuallyintimated theCourtformallyinOctober12,2015about theaboveand ensuingsettlementtalks, andthemajorparties werestillbilled
toreportamicablesettlementandobtainanadjournmentfromthecourt’s adjourneddateforjudgment(November3,2015)tofinalizeresolutionofthe dispute.
10.Notwithstanding the foregoing and request for time for the parties to concludesettlement,theFederalHighCourtcoramHonourable JusticeSaidu deliveredajudgmentendorsingall the reliefssoughtbythe judgmentcreditor includingamonetaryjudgmentinthesumof N26,229,943,035.22and orderingthe3rdDefendanttoguaranteethesaidsumpersonally.
11.Allmembersofthegeneralpublicarethereforewarnedbythispresent advertisementtoavoidpurchasing litigationasopposedtoaproperreal propertyinterestfromajudgmentcreditorwhoseinteresthasnotinanyway crystallized.WeimploretheapplicableadageCaveat Emptor (“Buyer beware”).We alsocontendthatthedoctrineoflispendensisapplicable.
Inthis premise,we urgethe general publictodisregard theadvertisementforsalein thepublicationunderreference,asthepropertyisthesubjectofanappealwith pendingapplicationforstayofexecution.Wefurtherrestatethecommitmentofthe promoterstotheProjectandtoalltheircreditorsincluding reasonableclaimby DiamondBankPlc.
SIGNED
CHIEF ANTHONYI. IDIGBE SAN
COUNSELTO1STTO3RDDEFENDANTS/JUDGMENTDEBTORS/APPELLANTS
Le Meridien Grand Towers not for sale
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