Skye Bank drags Senkay Company to court over N9.9bn debt

Skye Bank Plc has put machinery in motion to recover a debt of N9,903,790,738.98 from estate management company, Senkay Nigeria Limited and its Directors, Mr Mofoluso Ayeni and Mrs Grace Ayeni by filing an application before a Federal High Court in Lagos, Southwest Nigeria, for an order entering final judgment against them.

In an affidavit sworn to by the head projects and structure finance unit of Skye Bank Plc, Muyiwa Obilanade in support of motion for judgment filed before the court by Professor Gbolahan Elias, the deponent alleged that Senkay Nigeria Limited applied for and was granted N4.5 billion credit facilities in three tranches for the development of a 15-storey high rising office complex known as Kanti Towers on 1,300 square meter of land at 35c Adetokunbo Ademola Street Victoria Island Lagos State.

The loan facilities were secured by personal guarantees of Senkay’s promoters Mofoluso Ayeni and Grace Ayeni and a deed of legal mortgage executed by Senkay Company in favour of the bank over Kanti Towers.

Obilande said the principal and interest at the rate of 19% per annum were repayable over a period of 84 months.

He said on November 23, 2016, the bank demanded on Senkay to repay the outstanding amount which then stood at N9, 450, 273, 176. 63, but that Senkay Company had neglected, failed and refused to repay to the bank the principal and interest due on the facilities up to date.

He added that the bank and Senkay had tried together to sell Kanti Towers so that the proceeds of the sale would be used to settle the facilities, but that their effort had not yielded positive result.

According to him, despite negotiation, which the bank conditionally accepted the sum of N8 billion in full and final payment of the total and standing indebtedness, Senkay and its promoters were in breach of their repayment obligations both under the facilities and the agreement having failed to pay either the compromise sum or the full sum.

Obilanade contended that the company and its promoters had no defence to the counter claim of the bank, saying consequently, the bank is urging the court for an order entering final judgment in favour of Skye Bank Plc and against Senkay, Mofoluso Oluyemi Ayeni and Grace Abosede Ayeni in the sum of N9,203,790,738,28 being the amount due and payable on the various facilities the bank granted to the company and its promoters.

The affidavit said interest on the said sum at the rate of 21% per annum from march 7, 2017 until entire debt is liquidated, adding that any delay in entering final judgement against the company and its promoters would occasion grave injustice to the bank as the money owed the bank by the company and its promoters were depositors’ funds which the bank was obligated to pay as and when due to its depositors.

Meanwhile, the presiding judge, Professor George Azuka Obiozor has adjourned till 23rd of October, 2018 for further hearing