Court freezes guarantor’s accounts over N117m debt

bibing

FOR allegedly refusing to pay a judgment debt estimated at about N117 million, a Lagos High Court has granted a garnishee order nisi attaching any money in the accounts of the guarantors of Holyview Investment International Limited in about 17 commercial banks in the country.

The garnishee is to ensure that monies in the account of the guarantor, Pastor Samson Oluwamodede in commercial banks and other agencies are attached for the payment of the judgment debt.

Trial judge, Justice Olusola Williams gave the order following a motion exparte, brought pursuant Order VIII Rule 2, 3&4 filed by Fundquest Financial Services Limited (judgment creditor) against Holyview Investment International Limited, Mr. Babatunde Francis Adebayo and Pastor Samson Oluwamodede (judgment debtors).

In the Enrolment Order dated October 12, 2015, the court had directed the banks to file on oath statements of accounts showing the judgment debtors’ financial status with them up to date immediately prior to the service of the garnishee order.

In addition, the court directed the commercial banks to attach all monies in any account(s) in their custody to satisfy the sum of N117 million debts’ adjudged due to the judgment creditors.

However, following the order of court, one of the garnisheed banks, Guaranty Trust Bank Plc, admitted on oath in an affidavit filed before the court, that the guarantor of the debtors, Pastor Samson Oluwamodede, maintains accounts with her with available balances in the sums of N4, 045,832.45, N2,130,337.44, N1,071,863.34, $3,027,50, £2,130,337,44 and €110.00.

But at the resumed hearing of the suit on Friday, GTB in a Motion on Notice dated November 18, 2015 brought pursuant to Order 39 rule 1 of the High Court of Lagos State (Civil Procedure Rules 2012) filed by its counsel, Margaret Akpoyoware, sought leave of the court to vary the garnishee order nisi on the grounds that the figures earlier provided were wrong due to typographical error.

The bank said in the application that the amount contained in all the accounts held by the third judgment debtor, Olumodede with it, cannot make up the judgment sum and, therefore, cannot satisfy the entire judgment debt.

Source: TheGuardian