Unity Bank Drags Construction Firm to Court over Unpaid Debt

06 Sep 2013

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Unity Bank ogo

Tobi Soniyi

An Abuja High Court  Thursday restrained an Abuja-based construction company, Bullet Nigeria Limited from diverting the N3 billion approved for it by the Ministry of Foreign Affairs to any account other than the one it maintains with Unity Bank.

The bank had through its counsel, Mr. I.M. Yamah, dragged the company to court following the non-payment of N6.85 billion loans it granted Bullet.

Bullet's four directors, Ismaila Isa Funtua, Engr. Dimitar Kraer, Engr. Kraytcho I. Nicolov and Lawal I. Isa, were guarantors of the loan.

At the hearing of the suit  Thursday, the defendant's counsel, Sheriff Sulaiman asked for an adjournment, pleading that they were briefed only last Wednesday and needed time to go through the process and were not ready for the hearing.

Responding, Yamah said they were not against the adjournment, but asked the judge to grant a motion that the status quo be maintained pending the adjourned date.

He further explained the status quo was that the sum of N3 billion approved for Bullet in the 2013 budget should be paid into their account domiciled with Unity Bank.
Justice Peter Affen in his ruling granted the prayer of the plaintiff and also asked that the case file be forwarded to the Chief Judge of the Abuja High Court for reassignment because he heard it as a vacation case. The bank is also asking the court to grant it the order to sell the assets the company used as collateral for the loan.

It gave the addresses of the charged assets as: Plot 1088, Cadastral Zone AO1, Kaura Namoda Street, Garki Area 3; Plot 1760, House No. 17, Malcom Fraser Street, off Jimmy Carter Street, Cadastral Zone AOS Asokoro, Abuja; Plot No. 1759, House 15 Malcom Fraser Street, Off Jimmy Carter Street, Cadastral Zone, AOS, Asokoro, Abuja and Plot No. 909 Agatu Close, Off Gimbiya Street, Garki Area 11.

Tags: Business, Nigeria, Featured, Unity Bank, Construction, Unpaid Debt

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