A Federal High Court sitting in Lagos, Southwest Nigeria has granted Wema Bank of Nigeria Plc the power either by itself or through its appointed Receiver Manager to take over and preserve the property of a limited liability company, CMB Maintenance & Investment Company used as security to obtain loan that has not been paid, pending the determination of the substantive suit.
Joined as co-defendant in this debt recovery suit was the Managing Director of CMB Maintenance & Investment Company, Kelechuckwu Mbagwu.
The order of the court was as result of an application file and argued before the court by a Lagos lawyer, Norrison Quakers, SAN.
In an affidavit sworn to by a Relationship Manager of Wema Bank, Mr Henry Alakhume, the deponent averred that by an application dated 24th of March 2014 and signed by Kelechukwu Mbagwu, the Managing Director of CBM Maintenance & investment Company applied to Wema Bank for a loan Project Finance Facility in the Real Estate sector, to finance the completion of 17 units of detached duplexes Pearl Garden Estates at Sangotedo, Lagos State and which was granted to CMB Maintenance & and Investment by Wema Bank Plc. Read more