Businessman Seeks EFCC’s Help To Execute A 21-Year -Old Judgment Debt

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A businessman, Prince Lateef Adebimpe, has urged the Economic and Financial Crimes Commission (EFCC) to help to execute a 21-year-old judgment debt against Navcon Nigeria Ltd, which stood at N23,530,882.01, as at last February 29.

He alleged in a 12-page petition to the agency that the company fled from its known registered office in Lagos eight years ago, before the debt could be recovered from it.

According to him, the promoters of the firm were in Lagos, but till date had refused to abide by the judgment despite all efforts.

He said the litigation which began in 1995 at a Lagos High Court with Ref. No. LD/1130/95, ended at the Supreme Court in Suit No. SC/57/2003, Abuja in 2010 in his favour.

“As far back as 2013, we had commenced the process of the execution of the judgment debt against the judgment debtor (Navcon Nig. Ltd.) and obtained the writ for the attachment and sale of the goods and chattels of Navcon Nig. Ltd. in fulfilment of the judgment debt.

“But, unfortunately, before the Writ of Fifae could be executed, the judgment debtor had vacated from its registered office in Lagos and all efforts to locate them since then had been unsuccessful,”  the petitioner said.

Tracing the genesis of the debt, Adebimpe said a 1994 business transaction between a firm he heads, Baliol Nigeria Ltd and Navcon Nigeria Ltd. owned by a group of Indians in collaboration with some Nigerians led to litigation which earned Navcon the judgment debt.

The Nation

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