The Federal High Court, Lagos Division, presided over by Justice Deinde Dipeolu, has entered judgment against petroleum marketer Kehinde Ogbor and his company, Danium Energy Services Limited, ordering them to pay Union Bank Plc the sum of ₦20.7 billion for failure to honour loan repayment obligations under a settlement agreement.
In addition to the monetary award, the court granted Union Bank exclusive possession of several high‑value properties mortgaged by the defendants, including:
– Plot 13, Zone R, Federal Government Layout, Banana Island Foreshore Estate, Ikoyi, Lagos
– Plot 197, Victoria Island Annex (now Plot 325, Akin Ogunlewe Street, Off Ligali Ayorinde Street, Victoria Island, Lagos)
– 3A, Bose Enemoh Close, Off Inupa Drive, Ikoyi, Lagos
– Danium Energy’s Head Office, 10 Anifowoshe Street, Off Adeola Odeku Street, Victoria Island, Lagos
The suit, FHC/L/CS/1905/2023, was filed by Union Bank through counsel Adetunji Adeniyi‑Adedoyin, seeking enforcement of a Memorandum of Settlement and Consent Judgment executed on 6 March 2018. The bank requested interpretation of the settlement terms and recovery of the outstanding indebtedness of ₦20,732,299,999.21 as of 24 July 2023, alongside foreclosure rights over the mortgaged assets.
Justice Dipeolu held that the Memorandum of Settlement and Consent Judgment were binding and enforceable, and that the defendants had breached their obligations by failing to make agreed payments. The court therefore authorised Union Bank to foreclose and sell the mortgaged properties to recover its funds, and directed the Inspector‑General of Police and other security agencies to assist in taking possession.
The defendants, including Ajibola Bankole Adetutu, Garba Mohammed, and Lolag Sons (Nigeria) Company, represented by counsel Ikenna Emeh, had filed a counter‑affidavit and counterclaim, alleging that the settlement was vitiated by fraud, misrepresentation, undue influence, and economic duress. They further claimed Union Bank imposed illegal charges and owed them ₦42.4 billion in excess deductions. Reliefs sought included setting aside the consent judgment, refund of alleged excess deductions, release of collateral securities, and ₦25 billion in damages for injury to credit and reputation.
Justice Dipeolu dismissed the counter‑affidavit and counterclaim in their entirety, describing them as lacking merit and substance, and granted all reliefs sought by Union Bank, affirming the lender’s right to recover the debt and enforce its collateral securities.
