Obieri Asks Court to Stop Trustbond Mortgage Bank from Harassing Him

By Davidson  Iriekpen

Former Chairman of the defunct Intercontinental Bank Plc and Summit Capital and Asset Management Limited, Dr. Raymond Obieri, has asked the Federal High Court in Lagos to restrain Trustbond Mortgage Bank, formerly Intercontinental Homes Savings and Loans Limited, and its officers from harassing, threatening, intimidating and extorting him.

He also asked the court to restrain the mortgage bank from making any demand from him for any sum as purported outstanding indebtedness.

Obieri in his statement of claim, said because of the position he held in Intercontinental Bank and Intercontinental Homes Savings and Loans Limited, there was a high level of camaraderie between the institutions as Summit Capital and Asset Management Limited was considered as part of the group of companies.

In the suit filed by his lawyer, Dr. Oladapo Olanipekun (SAN), he added that Intercontinental Homes Savings and Loans Limited (Trustbond Mortgage Bank), made investments in Summit Capital and Asset Management Limited by way of placement in the sum of N752.5million plus interest of N845.6million.

He said Summit Capital and Asset Management Limited subsequently advanced loan facilities to various members of staff of Intercontinental Bank Plc which were utilised to acquire shares in various companies.

The plaintiff averred that the loans, which were never repaid, made Intercontinental Bank to exceed the sum of N845.6million advanced to Summit Capital and Asset Management by way of placement.

He stated that he was aware that the debt owed by Summit Capital and Asset Management to Intercontinental Homes Savings and Loans, and consequently the debt owned by staff of Intercontinental Bank to Summit Capital and Asset Management Limited were also considered as group debt by Intercontinental Homes.

He added that upon the acquisition of Intercontinental Bank by Access Bank, the issue of the group debts were fully discussed and accepted and upon the request of Access Bank, a schedule of the loans granted and all necessary documentations were forwarded to Access Bank.

He said following a meeting of the board of directors of Summit Capital held on October 29, 2013, it was resolved that the company be voluntarily wound up and a liquidator, Mr. Donald Agu, was appointed by the company for that purpose.

He said in the course of winding up, the board of directors of Summit Capital took a decision on all takings, placements, lendings and borrowings after which the debt owed to Intercontinental Homes was set off against the debt owed by Intercontinental Bank and both were consequently written off being group-related debts.

Contending that he did not take the decision unilaterally but a unanimously taken by the board of directors as the board of directors of Summit Capital and Asset Management considered it the most logical and prudent step to take in the circumstances.

He noted that every of the decision was well known to Intercontinental Bank and Intercontinental Homes and that the winding up of Summit Capital and Asset Management Limited was done in compliance with the provisions of Companies and Allied Matters Act (CAMA). and other laws regulating the voluntary winding up of a company and that the liquidator and board of director of Summit Capital and Asset Management.

He said Intercontinental Homes sought and obtained the leave of court to issue proceedings against Summit Capital and Asset Management at the Federal High Court in Lagos and that an order of court was granted on June 27, 2012 after the matter was heard on April 26, 2013 and struck out by Justice John Tsoho.

The plaintiff said after Intercontinental Bank was acquired by Access Bank, Access Bank divested itself of its shares in some Intercontinental Bank’s subsidiaries including Intercontinental Homes which it sold to the defendant.

He added that since 2017, the defendant has singled him out for frequent harassments, intimidation and threats of arrest by the EFCC and unsubstantiated allegations.

“No date has been fixed for the hearing of the suit. Even the defendant has filed any response.

Efforts made to reach the Managing Director of Trustbond Mortgage Bank, Mr. Niyi Akinlusi, proved abortive.