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Parties Move for Settlement On Disputed Adamu Mu’azu Property

Parties Move for Settlement On Disputed Adamu Mu’azu Property

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Barring any unforeseen circumstances, parties in the dispute over a property of the former Governor of Bauchi State, Alhaji Ahmadu Adamu Mu’azu have opted to sheath their differences.

The disputed piece of land and building situate at 16 Osborne Road south East Ikoyi residential scheme Eti -Osa area of Lagos State, and measuring an area of 4479.39 square metres was allegedly used as co -lateral to secure a loan from Union Bank Plc.

Union Bank Plc had in a bid to recover a debt of N2,131,710,083.25, appointed a senior Advocate of Nigeria Chief Ajibola Aribisala as a Receiver /Manager over the property.

The receiver/Manager had in a debt recovery suit filed at Federal High Court, Lagos named two executive directors of the Triple A Properties and Investments Limited, Adamu Mohammed Mussadiq and Alhaji Mohammed Addo as co-defendants.

In an affidavit sworn to by a member of the team of business support of Union Bank Plc, Mary Adebayo and filed before the court by Chief Ajibola Aribisala, the deponent averred that, in pursuance of the banker and customer relationship existing between Union Bank Plc and Ahmadu Adamu Muazu, the bank offered him a credit facility styled as New Mortgage Finance in the sum of N1,600,000.00.

The purpose of the facility availed the former Governor of Bauchi State was to enable him purchase four apartment and two penthouses located at Osborne Road Ikoyi.

The terms and conditions of the new mortgage finance facility availed him as contained in the offer letter amongst others includes quarterly repayment of N148million for 20quarters from the proceeds of rent on the 4 apartment and the penthouses and his other personal cash flow.

Alhaji Adamu Muazu being the alter ego of Triple A properties and investment limited company signed the offer letter dated December 17, 2014.and in addition caused a guarantee to be issued by Adamu Mohammed Mussadiq in favour of the mortgage.

However, Adamu Muazu did not service the quarterly repayment as at when due and this caused the bank to issue a demand notice on April 30, 2015 for the repayment of the accrued indebtedness with interest.

Despite the letter of demand by the bank, the defendant allegedly failed to repay the installment as demanded by the bank,

Upon the expiration of the 3rd quarter, the bank also cause another demand letter dated September 17, 2015 to be issued for the repayment of its outstanding facility to the bank which as at September 30, 2015 stood at the sum of N520.30million inclusive of interest.

Thereafter at the expiration of the 4th quarter another letter of demand was issued still the defendant failed to repaid the long over due repayment.

The State of indebtedness of Adamu Mu’azu and Adamu Mohammed Mussadiq cum Mortgagor to the bank as at January 31, 2018 stood at the sum of N2,131,710,083.25 without any form of repayments being made and the same continues to accumulate interest.

On January, 2018 and by a deed of appointment dated February 9, 2018, Aribisala was appointed receiver /manager over all the piece of land and the building.

The Guardian gathered that parties resorted to settlement following series of meeting.

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