Access Bank opens up on late Sonny Odogwu’s N26bn debt

Access Bank Plc has revealed how late business mogul, Chief Sonny Odogwu, and his two companies, namely: SIO Properties Limited and Robert Dyson and Diket Limited allegedly failed and refused to pay the judgment sum of N26, 229, 943, 035.22 billion.

In a statement Thursday captioned “Indebtedness Of SIO Properties Limited, Robert Dyson & Dike Limited And Chief Sonny Odogwu To Access Bank Plc”, the bank stated that despite several reconciliatory meetings held by the parties, Late Odogwu and his firms failed and refused to pay the judgment sum even when it was reduced to N12 billion.

“The extant Judgment of Court for the sum of N26, 229, 943, 035. 22 (Twenty- Six Billion, Two Hundred and Twenty-Nine Million, Nine Hundred and Forty- Three Thousand and Thirty-Five Naira and Twenty-Two Kobo) (the “Original Judgment Amount”) affect all the properties and other assets of the Judgment Debtors no matter how described worldwide.

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“Further to the negotiated Settlement Amount, the Judgment Creditor acknowledged the payment of the sum of N1, 000, 000, 000 (One Billion Naira) only already paid by the Judgment Debtors to the Judgment Creditor thereby leaving the sum of N11, 000, 000, 000 (Eleven Billion Naira) as the outstanding sum payable to the Judgment Creditor;

“As part of the settlement, the Judgment Creditor was to retain all the properties mortgaged to the Bank until the Judgement Debtors had satisfied the Consent Judgement after which the same was to be released. 6. The Parties have entered into a Consent and Release Agreement wherein the Judgment Debtors agreed to procure Kemekod and Berendo (herein referred to as “The Sellers”) to sell the property described therein (hereafter referred to as the “Berendo Property”) in Los Angeles and for the sum of $11, 111, 111.11 million USD to be paid (60) days from the date of the Settlement Agreement.7.

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“Rather, the Judgment Debtors have compromised the property at Los Angeles without paying the agreed sum to the Judgment Creditor. 15. Furthermore, the Judgment Debtors have refused to hand over the Dubai property to the Judgment Creditors in line with the Settlement Agreement. The Judgment Debtor has refused to grant vacant possession to the properties at Kirikiri as well as the Dubai property till date in line with the Consent Judgement. 16.

“With the breach of the Consent Judgment, the Judgment Creditor has taken steps to realize the property it financed located at Ikoyi Crescent in line with the Original Judgement. 17. The Judgment Creditors are determined to protect depositors’ funds and realize the fruits of its judgment by recovering the judgment sum of N26 billion.