The estate of late Chief Sunny Odogwu and two of his companies companies has filed an appeal against the judgement of the Federal High Court asking Od
The estate of late Chief Sunny Odogwu and two of his companies companies has filed an appeal against the judgement of the Federal High Court asking Odogwu’s estate to pay up its debt.
The judgement delivered by Hon Justice E Osiagor on the 5th day of August 2022 in SUIT NO: FHC/L/CS/1955/2021 BETWEEN Access Bank V Robert Dyson & Diket Limited & Ors. Hon. Justice Osiagor had in the judgment set aside an earlier consent judgment of the Federal High Court in Suit No FHC/L/CS/156/2017 on the basis that the Federal High Court lacked the jurisdiction to have entered the consent judgment.
However, the Appellants are contending before the Appellate Court that the Federal High Court acted without jurisdiction by sitting on appeal over a consent judgment and consequently making an order setting aside an earlier consent judgment of the Federal High Court.
The grouse of the Appellants as disclosed in the notice of appeal filed on the 9th day of August 2022 is amongst others premised on the fact that the consent judgment which Access Bank Plc challenged was entered on the application of Access Bank Plc only for the Bank to turn around several years after parties have consummated the terms of the consent judgment to institute another case before the Federal High Court challenging the consent judgment.
The estate of the Late Business Mogul through their Counsel, Anthony Idigbe SAN also challenged the decision of Justice Osiagor that allowed Access Bank to execute the judgment in Suit No: FHC/L/CS/1633/14.
Hon Justice Saidu of the Federal High Court had in 2015 in Suit No: FHC/L/CS/1633/14 entered judgment in the sum of N26 billion in favour of Diamond Bank (Access Bank) and against Chief Sunny Odogwu and his two companies. After the delivery of the judgment, Odogwu and his companies immediately appealed against the judgment which was entered as Appeal CA/L/1151/2015.
The parties however met and voluntarily engaged in amicable resolution of the matters which led to the execution of a settlement agreement pursuant to which the Bank received several assets and recovered over N8 billion.
By the terms of the Consent Judgment entered by the Court on October 11, 2019, the Bank agreed to receive the sum of N12 Billion as full and final settlement of the judgment debt and to relinquish and compromise any rights conferred on it by virtue of the judgment delivered by Saidu J in Suit No: FHC/L/CS/1633/14.
In the Consent Judgment, Access Bank equally undertook that it shall not enforce the judgment and agreed that the only available right to the parties would be the enforcement of the terms of the Consent Judgment.
The Bank compromised any right conferred on it by virtue of the judgment of Saidu J in Suit No: FHC/L/CS/1633/14 in respect of the property located at 31-35 Ikoyi Crescent Lagos in exchange for 5 different properties provided by the Estate of Late Chief Sunny Odogwu and his two companies which original title documents were delivered to the Bank.
Access bank took delivery of the title documents of all the properties mentioned in the Consent Judgment. The Bank however approached the Federal High Court seeking to renege on its obligation not to enforce the judgment in Suit No: FHC/L/CS/1633/14 and claimed to have sold the property situated at 31-35 Ikoyi Crescent Lagos after taking benefit of other properties furnished by the Estate of Chief Sunny Odogwu.
The appeal has challenged the judgment of Hon
Justice Osiagor which validated the purported sale of the property situated at 31-35 Ikoyi Crescent Lagos. The Notice of Appeal accused the trial Court of acting based on speculation and conjecture as the claim of Access Bank that it sold the property at 31-35 Ikoyi Crescent Lagos to one Siete Trading Limited was not supported by any document placed before the Court. No deed of assignment or any document was placed before the Court to show that the property was sold.
The appeal also challenged the Judgment of the trial Court for granting reliefs already abandoned and making orders in favour of Siete Trading Limited, a company which had already withdrawn from the matter. The appeal also challenged the order of the Learned Trial Judge against the Registrar of Titles to issue title document in favour of Siete Trading Limited because Access Bank already discontinued the suit against the Registrar of Titles who was originally sued as the 4th Respondent. Moreso, Access Bank does not have title over the property at 31-35 Ikoyi Crescent Lagos and could therefore not transferred any valid title to Siete Trading Limited.
A motion for stay of Execution and Injunction pending appeal was equally filed contemporaneously with the Notice of Appeal seeking to stop Access Bank from giving effect to the Judgment before the determination of the appeal filed at the Court of Appeal.
