REFUSING to grant either of the two applications seeking to invoke court's injunction on the contenders struggling to hold sway to the soul of a choice Lagos property otherwise known as All Seasons' Plaza, located within the commercial settlement of Agidingbi, Ikeja, Justice Morenike Obadina has said the substantive suit rather be given accelerated hearing as statuo quo remains.The ruling, delivered last week was in a brawling case of sour claimed N2.6 billion mortgage deal involving an emerging energy solutions company, Negris Group and a commercial bank, Access Bank Plc.Besides the real suit, the parties have brought applications, urging the court to restrain the other. For instance, while Access sought a restraining order against Negris in that it forthwith be barred from dealing with tenants and occupants of the properties said to have been deposited as collateral in order to secure the alleged credit facility, All Seasons' Plaza, being a sister company of Negris urged the court to hinder the bank from tampering with the property in any way.Obadina, however, said that instead of issuing any restraining order at the stage of the matter, the court is obliged to fast track the hearing and conclusion of the suit, and conclusively adjourning till October 25.As soon as the court was done with the ruling, there was also heated argument on whether the tenants should be made a party to the suit or not. While the bank, through its counsel, Mr. Kunle Ogunba told the court that they (tenants) must be joined in the suit, J.A. Badejo (SAN) for All Season's Plaza urged the court to discountenance the request of the bank and refuse to join the occupants of the property.In this instance, management of All Season's Plaza had gone to court that to challenge the bank's move to take over the property. According to its affidavit, sometime in July 2008 the bank granted facilities to Negris Holdings Limited towards part funding the acquisition of the assets of Nigerian Newsprint Manufacturing Company Limited (NNMC). It said that it provided complimentary equity funds of N1.5b billion for the acquisition purpose.All Seasons Plaza further said that it was the understanding of parties at the point of acquiring NNMC, that the primary liability for the debt would be transferred to NNMC, whose assets were said to serve as collateral for the credit facilities.The plaintiff, however, said that in order to provide some comfort to the defendant, Negris Holdings Limited provided a 'fill-the-gap' security cover pending the conclusion of acquisition and transfer of assets to Okipp Limited pursuant to which the claimant equally executed a tripartite legal mortgage over its property ' All Seasons Plaza, adding that the understanding between the parties that the tripartite legal mortgage over All Season's Plaza would be released upon the acquisition of the assets of NNMC.Following the take over of NNMC's assets, Negris said it executed a tripartite legal mortgage and tripartite deed of all assets debenture over all the assets of the acquired assets of NNMC now Okipp Limited, which it said includes the 422.03 hectares of land located at Oku-Iboku in Itu Local Government Area of Akwa Ibom State and Gmelina Wood Plantation on 10.349 hectares of land at Ndon Eka Nkop, Usung Odot, Odukpani Local Government in Cross River State.The plaintiff said it was surprised when it discovered sometime in 2009 that Access Bank was making the moves to perfect the tripartite legal mortgage over the former's property. It is therefore urging the court to stop the bank from actualizing this bid.Going by the bank's counter affidavit, by Kunle Ogunba & Associates, the offer letter of the facilities did not at any point state that the primary liability for the said debt would be transferred to any entity, corporate, body or otherwise, quoting the letter to have shown under the column for collateral, thus,tripartite legal mortgage on property known as All Seasons Plaza on Lateef Jakande, Agindingbi Road, Ikeja, Lagos belonging to All Seasons Properties Limited.Debenture/charge over all the assets of NNMC in liquidation acquired by Negris Holding Limited from the liquidator, Otunba Olusola Adekanola as detailed in the assets sale/purchase contract between NNMC in liquidation and Negris Holding Limited currently estimated at N5 billion by valuation jointly carried out by Messrs Barin Epega & Co, Lagos and Messrs Samuel Bassey & Co, Calabar.Access Bank said there was no form of understanding existing or that existed between the parties in the suit as to the release of securities provided by Negris Holdings Limited for the advancement of the facility to it by the bank, adding that the securities pledged by the debtor could only be released upon the liquidation of the outstanding sum given and the accrued interest.The defendant further said that NNMC and Okipp Limited are two separate and distinct companies. The bank accused the applicant and Negris of an intention to arm-twist it from the outset thereby refused to register the transaction at the Corporate Affairs Commission (CAC), Abuja, due to the refusal of the said Negris Holding Limited to get its directors sign the relevant documents required for the said registration and consequently frustrating the bank's bid to retrieve its depositors funds stuck within their despicable labyrinth.It is the position of Access Bank that being the secured creditor of Negris Holdings Limited, it has every right to perfect the security offered by latter to protect itself from the insolvency of the debtor.
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