Court Vacates Receivership Order on PDT Engineering Property

*Strikes out name of Oloriegbe as Receiver/Manager

 Alex Enumah in Abuja

Justice Adamu Mohammed of a Federal High Court in Port Harcourt, on Friday vacated its order appointing one Mr Abdulmajeed Oloriegbe as Receiver/ Manager over three mortgaged properties belonging to PTD Engineering Limited in Port Harcourt, Rivers State.

The court in vacating the order held that the appointment of Oloriegbe as Receiver/Manager was invalid since the 1st plaintiff/ respondent has a subsisting Receiver/Manager in the person of Mr Ayodele Akintunde (SAN).

Sterling Bank Plc and Oloriegbe had dragged PDT Engineering Limited and Chief Cajetan Nwadike to court over mortgage on three of the company’s property in Port Harcourt, Rivers State.

The affected properties are: two properties located along Olodu close by Olu Obasanjo Road, Oromineke, Port Harcourt City LGA, covered by Certificate of Occupancy, dated June 10, 1992 and registered as No. 17 at page 17 in Volume 185 of the Land Registry office in Port Harcourt.

The third is the property located at Okpo Rumuoluta, Rumubuekwe, Obio-Akpor LGA covered by Certificate of Occupancy, dated June 10, 1992 and registered as No 15 at page 15 in Volume 177 of the Land Registry office in Port Harcourt.

However, challenging the alleged unlawful withholding of his capital from the Bank of Industry, the second defendant, Nwadike had filed a Notice of Preliminary Objection dated June 20 and filed June 22, wherein he asked the court to dismiss the originating summons with number: FHC/PH/ CS/37/2022, “for constituting abuse of court process or in the alternative make an order striking out the originating summons for lack of jurisdiction”.

Nwadike in the application argued by his lawyer, Mr Taiwo Kupopati (SAN), further urged the court to discharge or set aside the interim order granted on March 4, on the grounds of expiration.

He also prayed for another order “directing the 2nd plaintiff to vacate and give up possession of the three mortgaged properties on the grounds that he lacked the necessary locus standi to continue to act as Receiver/Manager over the affected properties.

Delivering ruling in the NPO on Friday, July 8, Justice Mohammed agreed with Kupopati that “the appointment of the 2nd plaintiff/ respondent is invalid since the 1st plaintiff/ defedant has a subsisting Receiver/Manager in person of Mr Ayodele Akintunde (SAN).”

The judge further held that, “The order made on March 4 is hereby set aside in view of the 2nd plaintiff/ defendant lack of requisite locus standi.

“The name of the 2nd plaintiff/ respondent is equally hereby struck out.”

Meanwhile the judge ordered the 2nd defendant/ applicant to enter his defence and adjourned the matter to October 4, for hearing.