Court Orders Sale of Lekki Apartment in Favour of Ecobank

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His Lordship, Hon. Justice Elizabeth Oji of the Lagos Judicial Division of the National Industrial Court has ordered the attachment and sale of the property known as House 1B, Plot 1, Block 35, Lekki Peninsula Scheme 1, Lagos, which was purchased with the mortgage loan advanced to Abisola by the Ecobank in satisfaction of the 126 Million Naira judgment sums.

The Court held that Abisola’s has not challenged the evidence of the Bank, and no evidence stating otherwise; awarded the sum of Five Hundred Thousand Naira in favour of the Ecobank as cost of action.

From facts, the Claimant- Ecobank Nig Ltd had submitted that they approved a mortgage loan inclusive of principal and interest to their former staff for the acquisition of the property in Lekki, Lagos, and Sugar loan shares that all effort to get the repayment after her resignation proved abortive.

The bank further submitted that due to Abisola’s refusal to repay these facilities, the Sugar loan shares were subsequently sold at the sum of  ₦23,921,486.90 leaving an outstanding balance of ₦126,556,031.30 (One Hundred and Twenty-Six Million Five Hundred and Fifty-Six Thousand and Thirty-One Naira, Thirty Kobo).

However, despite the Court orders for substituted service on Defendant by pasting the processes at her last known place of residence and 2 other domains traced to her, she still failed to defend the suit.

Delivering the judgment after careful evaluation of the submission of the processes filed, the presiding Judge, Justice Elizabeth Oji held that Abisola’s is indebted to the bank in the sum of N126,556,031.30, and Ecobank is entitled to the judgment sum being the outstanding balance on the mortgage loans granted to Abisola as at 29 January 2015.

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