UNABLE to resolve their differences, two commercial banks ' First Bank and Access Bank are at each other's jugular over control of an on-going multi-billion-naira construction project, popularly known as Tejuosho Ultra-modern Shopping Complex.The banks are before a Federal High Court, Lagos, where they had canvassed reasons why Justice Okechukwu Okeke, should or should not set aside an order, which authorised the major financier of the project, First Bank Nigeria Plc from holding sway through its receiver-manager, Messrs. Oluwakemi Balogun, on the choice project.Okeke, after listening to the arguments, slated October 11, 2012, for the determination of the application brought by Access Bank, through its counsel, Mr. Kunle Ogunba. Expectedly, the court's decision will one way or the other bring to an end controversies surrounding the receivership of the assets of Stormberg Engineering Company Limited located at the new Tejuosho market complex for alleged indebtedness.Tejuosho Market is located between Ojuelegba Road and Tejuosho Street in the heart of Lagos Mainland. Before it was gutted by fire in 2007, the market was rated among the busiest in Lagos State. The fire incident resulted in the loss of properties valued at several millions of naira, and the displacement of hundreds of traders. This made the state government to seize the opportunity to reconstruct the market.Fully financed by First Bank of Nigeria Plc, the new Tejuosho Shopping Complex is being undertaken by Stormberg Engineering Limited under the innovative Public-Private-Partnership programme of the Lagos State Government for 25 years. Sitting on approximately 3.062 hectares, it is strategically located in Yaba, a nodal point for both inter and intra state transport, the main shopping complex, when completed will provide major retail and wholesale market opportunities for the teaming Lagos population. The new complex encompasses 4,040 shop units of various sizes ranging from 9 metre squares to 12, 19, 23 and few larger units of 142 metre squares for banking and restaurant uses as well as Kee-Klamps. The shops units are arranged on four levels: Upper ground level, entrance level, level three and level four.Prices of shop units range from N5.4 million or N600,000 per square metre with prospective buyers having the opportunity to pay by installment. The new shopping complex, when completed will offer the following array of modern retail facilities and amenities: Multi level parking for over 720 cars, efficient internal traffic system and management, lifts and elevators for shoppers and cargos; serviced fire station, police station and uniformed security patrols.Others include banking halls and ATM facilities, eateries and food courts, connection to central sewage service; connection to Power Holding Company of Nigeria (PHCN) main power system and water board mains, alternative power supply and facility management.The court had in its interim order appointed First Bank (the plaintiff) asthe receiver/ manager over the assets of Stormberg Engineering Company Limited located at the new Tejuosho market complex following a suit filed by First Bank Plc against the company and Engineer Dolapo Atinmo for an alleged indebtedness to the bank.Dissatisfied with the order, Access Bank Plc, as an interested party had in a motion on notice, urged the court to set aside, annul or vacate the order on the ground that First Bank Plc (plaintiff) suppressed some facts in obtaining the order.Access Bank's counsel, Ogunba court process asked the court to dismiss or alternatively strike out the order as the entire action as couched and presented generally was a grievous and violet abuse of court process.The bank argued that the entire action by First Bank (Plaintiff) was hurriedly conceived and surreptitiously styled in response to another suit it had earlier filed on the matter.Ogunba said Access Bank had earlier gotten an order through an ex-parte motion that placed the locus under receivership, a fact, he claimed First Bank concealed from the court, when it approached for another order, to appoint a new receiver-manager over the property. This, action according to him, constituted an abuse of the sacred processes of the court.According to Ogunba, First Bank had also sought for leave to appeal and stay the execution of the ex-parte order granted Access Bank in September 26, 2011.The continuous existence of the extant suit alongside the earlier action at the Federal High Court and Court of Appeal, he argued was capable of engendering confusion, anarchy and unsavoury situation of conflicting orders of courts of co-ordinate jurisdiction and superior courts of record with the grim potential of tarnishing the hard earned image of the judicial arm of government, the Federal High Court in particular.In arguing that the court was mis-led to grant the orders of March 13 by suppression and outright concealment of relevant facts, Access Bank stated that it was aware that the first defendant (First Bank) had threatened to apply for the discharged of asset situate at the new Tejuosho market over which the plaintiff/applicant has a registered legal mortgage in offsetting its indebtedness to Access Bank Plc, in suit N0. FHC/L/CS/1082/2011.Ogunba, therefore, wants the court to determine whether the suit filed by First Bank as conceived, originated and the consequent ex-parte order obtained are not entitled to be dismissed and vacated on the grounds of abuse, malicious and suppression of material facts.But in opposition, First Bank argued that the suit filed by Access Bank was concluded, as parties in the said suit executed terms of settlement, which was adopted and made judgment of the court.The plaintiff also argued that the ex-parte order obtained on September 26, 2011 Access Bank Plc had lapsed upon the adoption and pronouncement of the terms of settlement executed by parties.First Bank alleged further that it applied to be joined as a party in the suit to set aside the order but all applications filed were refused and struck out, making it to sought leave to apply to appeal against the said order.It is the position of First Bank that there is a Deed of Legal Mortgage over the entire property at Tejuosho Market created in its favour as security for a term loan facility granted to Stormberg Engineering Company Limited (the first defendant) and that the new Tejuosho market, both the land and buildingwas the subject of the legal mortgage between the plaintiff and the respondent.First Bank also denied suppressing any facts before the court, arguing that Access Bank appointed Kunle Ogunba as Receiver/Manager on June 6, 2011 over the Assets of the first defendant after the new Tejuosho shopping complex had been mortgaged to the plaintiff (First Bank) via a Deed of Legal Mortage dated August 7, 2009.Also in a preliminary objection dated June 25, 2012, First Bank urged the court to dismiss the interested party's motion on notice dated May 18, 2012 for being incompetent and abuse of the court processes.Responding, Access Bank said that the objection and other suits connected thereto were only intended to frustrate it's motion of May 18, 2012 and to delay the hearing of the same, while the ex-parte order obtained on the heels of concealed facts, pending in perpetuity.According to the bank, it is apparent that the plaintiff abused the process of court by filing numerous applications on the same issue as well as busy-bodied itself in the presentation of inappropriate authorities to mislead the court.Ogunba urged the court to frown at the indiscretionof the plaintiff and dismiss the application for lack of merit while granting its prayers of the interested party as prayed in its application of May 18, 2012.
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