GTBank Goes To Court Over Purchase Of ‘Stolen Property’

Guaranty Trust Bank (GTBank) Monday, dragged NICON Trustees Limited to the Lagos High Court over a controversy surrounding buying stolen property.

Brandnewsday gathers that Nigerian foremost bank, GTB has taken NICON Trustees to court to obtain a court injunction against the Real Estate company, seeking the court’s intervention.

In its statement made available, GTBank complained that NICON purportedly acts in place of a Trustee, Real Estate Note Holders, and not the real Defendant.

”The Defendant purporting to be acting as a Trustee for certain Real Estate Note Holders, pursuant to a purported Trust Deed, has been parading itself as the owner of One Hundred and Fifty [150] plots of land in Alma Beach Estate including the Claimant’s Subject Property.

Similarly, the Nigerian Bank demands that NICON paid the financial institution worth, N25 million for damages of its time wasted including the attorney representing the complainant.

Guaranty Trust Bank: GTBank Goes To Court Over Purchasing Of ‘Stolen Property’

”An Order awarding the claimant General Damages against the Defendant in the sum of Twenty Five Million Naira for the inconvenience caused, time and other resources expense by the claimant in pursuing these claims.

”The costs of prosecuting this action, including; but not limited to, attorneys’ fees in the sum of Twenty Five Million Naira,” the Writ said.

However, reacting to the development, counsel to the Nicon Trustees and its Reciever/Manager, Barr. Ejetareme Otuoniyo of Abel Partners countered GTBank claims, noting that the bank is technically operating in stolen property.

“Technically, GTBank bought stolen property. It had been appealing to us for a chance to negotiate and settle since we first sealed its premises that is trespassing on the said land pursuant to the Appeal Court judgment we executed against the bank last year,” he said.

NICON Trustees Limited

The lawyer said: “Now it has gone to court. We are not perturbed. They are desperate and this is just another of their antics to buy time. What they forget is that this will only worsen their situation. We don’t return from court to continue as friends. The land is Nicon Trustees’. GTB failed to beware and to do due diligence before buying land from people who had no title to it or right to sell in the first place.

READ: Ex-GTBank Staff, Onyekachi Nwosu Bags 7years For N50m Fraud

“This has been established in the Appeal Court ruling (CA/L/999/2018) which still stands. It is a welcome development that GTB has gone to court. We will put this to rest when GTB finally looses as it must and surely will like all others like it trespassing on the land. Then we will no longer be discussing ratification. We will simply take the building. It is a settled principle of law that the owner of land owns everything else upon it.”

Meanwhile, in the Writ of Summons made available to Brand News Day, GTBank as claimant seeks:

a . A Declaration that Guaranty Trust Bank is the owner with a beneficial interest in the Property identified as plot 10, Government Estates, Lekki Peninsula, in the Eti-Osa Local Government Area of Lagos State, measuring 15,000887 Shari meters, covered by survey plan No. HCS LA/2083/026/2014 dated August 5, 2014, and Registered as No.14 at page 14 in volume 2329 in the Lagos State Land Registry Office (hereinafter the ” Subject Property”).

b. A Declaration that Guaranty Trust Bank is a bonafide purchaser for value without notice of the Defendant’s claim to the subject property.

c. A Perpetual Injunction prohibiting the Defendant from entering selling, leasing, mortgaging, assigning or howsoever encumbering, disposing, or dealing with the subject property.

d. An Order awarding the claimant General Damages against the Defendant in the sum of Twenty Five Million Naira for the inconvenience caused, time and other resources expense by the claimant in pursuing these claims.

e. The costs of prosecuting this action, including; but not limited to, attorneys’ fees in the sum of Twenty Five Million Naira.

Which was dated this 7th day of December 2020.

While, according to GTB’s counsel Deni Audio, SAN of Copley who issued the writ, said: ”The writ is served by me on the Defendant,” he further said, it is accompanied by the following:

a . A Statement of Claim

b. A list of witnesses to be called at the Trial;

c. Written Statement on Oath of the witness;

d. A list and copied Of documents to be relied on at Trial

e. Pre- Action Protocol form 01.

According to him, ”the defendant, Nicon Trustees Limited (“Defendant”), a private Company Limited by shares and duly incorporated under the laws of the Federal Republic of Nigeria with its offices located at Nicon House, 05 Customs Street, behind Afribank Headquarters Lagos, Nigeria.”

He said, the Claimant via Deed Assignment dated April 10, 2016, acquired a parcel of land located at Plot 10, Government Estates, Lekki peninsula in the Eti–Osa Local Government Area, Lagos State, measuring 15,000.887 square meters, covered by Survey Plan No. HCS LA/2083/026/2014 dated August 5, 2014 [hereinafter the “SUBJECT PROPERTY’] from GLEN MAYE PROPERTIES LIMITED

Consequently, the claimant applied for Governor consent at the Lagos state, lands registry office and same was granted by the executive governor of Lagos state on June 10, 2016. The Deed of Assignment with Governor’s consent and the survey plan is hereby pleaded and shall be relied upon at trial.

The claimant avers that it has since developed the Subject Properties since it has purchased it and has continued to enjoy quiet and peaceful possession of the said land until recently.