Justice Ambrose Lewis-Allagoa of a Federal High Court Lagos, has ordered an Anambra State owned firm, Anambra J. C. Michael Nigeria Limited, to the sum of of N1, 703, 060 billion to Keystone Bank Limited, as a summary judgement sum.
Others affected by the order are: J.C. Michaels Nigeria Limited; Amuzie Jude Chukwuma; Amuzie Emmanuel Arinze; Joe Billy Ekwunife; Ilobi Uzoamaka Gladys and Ifediora Chimezie Amobi listed as second to eight defendants in the suit marked FHC/L/CS/916/2025.
Justice Lewis-Allagoa ordered the Anambra State owned company and other defendants to pay the money to Keystone Bank Limited, while granting an Exparte motion on undefended suit filed by Adekunle Ogunba (SAN) but moved by O. T. Ogunba leading I. U. Odo and T. Oyefesu, on July 17, 2025.
In urging the court to made the order, Ogunba (SAN) stated that the Exparte motion is pursuant to Order 12 Rule 1 and 2; Order 26 Rule 6 of the Federal High Court (Civil Procedure) Rules 2019, and under the court’s inherent jurisdiction.
He also told the court that the motion Exparte for the undefended suit is supported with affidavit of. paragraphs deposed to by one Samuel Afolabi, a Legal Officer in the Plaintiff of 1, Keystone Bank Limited, a written address and several documentary exhibits.
In deciding the motion Exparte, Justice Lewis-Allagoa ruled that: “…. and after hearing the submission of O. T. Ogunba Esq. with I. U. Odo Esq. and T. Oyefesu Esq. counsel for the plaintiff/applicant move in terms of the motion paper, and Miracle Samson Ajayi Esq. counsel for Access Bank and Polaris Bank, O. R. Ariyo Esq. counsel for GTB.
“The court after careful consideration of the application and submission of counsel.
“It is hereby ordered as follows: “that an Order of this Honourable Court is granted entering Summary Judgment and/or Judgment on admission against the defendants/respondents in the sum of N1, 703, 060,000.00 (One billion, seven hundred and three Million and Sixty thousand naira) being part of the mammoth indebtedness of the defendants to the plaintiff as admitted in the 1st defendant’s correspondence of 29th May, 2024.
“That Pre-Judgment interest on the above stated sum at the rate of 9% per annum from 29th May 2024 to the date of Judgment in this suit is hereby granted.
“That Post-Judgment interest on the above stated sum at the rate of 25% per annum from the date of the Judgment till liquidation of the Judgment sums is hereby granted.
Meanwhile, further hearing of the suit has been adjourned to October 14, 2025 for hearing.
In the substantive suit, keystone Bank in its endorsement made on the writ, is asking the court to grant the following claims against all the defendants jointly and severally “the sum of N2,799,758,108.41 (Two Billion, Seven Hundred and Ninety-Nine Million, Seven Hundred and Fifty-Eight Thousand, One Hundred and Eight Naira, Forty-One Kobo) being the outstanding mammoth Indebtedness of the defendants as at 2nd April, 2025.
“Interest on the above sum pursuant to the Central Bank of Nigeria interest rates at ten percent (10%) Interest per annum from 2nd April 2025 to Judgment and thereafter at the rate of 10% per annum until final liquidation of the Judgment sum,
“Cost of this action in the sum of N20, 000, 000. 00 (Twenty Million Naira Only”.
The bank supported the motion with an affidavit deposed to by Barrister Samuel Afolabi, the bank’s legal officer.
Some of the deponent aveerment contained in the affidavit reads: “I know of a fact that the 2nd defendant entered into a joint venture agreement with the Government of Anambra State represented by one Hon. Joe Billy Ekwunife for the sole purpose of developing the capital ultra-modern market at Isiagu, within the Awka Capital Territory by constructing a 10,000-shop capacity Uitra-Modern Market.
“I know that consequent to the said joint venture agreement, the 2nd Defendant paid the sum of N200, 000, 000 (Two Hundred Million Naira) to the 8th Defendant wherein the 8th Defendant agreed to pledge the Certificate of Occupancy of his property at No. 1166, Cadastral Zone A 05 Maitama District, Abuja with file No. AN10322 for one calendar year as collateral on behalf of the 1st and 2nd Defendants in other to secure the credit facility from the Plaintiff.
“I am aware that sometime in July 2020, and consequent to preceding paragraphs above, the 1st defendant approached the plaintiff via its request letter dated 25th July 2020 requesting for a credit facility for the development of Awka Capital Territory Modern Market Isiagu Awka South Local Government Area Anambra State. The 1st Defendant after giving a background of what it intended to use the facility for, requested for the sum of N2,000,000,000 (Two Billion Naira) to enable it speed up the development of the first phase of the market project. Attached and Marked EXHIBIT KSB 2 is the said request letter.
“Sequel to 1st Defendant’s request letter, the Plaintiff availed Project Finance Facility Line to the 1st Defendant in the sum of N1, 200, 000, 000 (One Billion Two Hundred and Two Million Naira) for the purpose of constructing 10,000 lock up shops Ultra-Modern International Market at Isiagu, Awka Anambra State with other facilities such as, modern abattoir, car park, Police station, fire service station, food court, school, bank, Hospital e.t.c. The said Project Finance Facility was for a period of 36 Months (inclusive of 12 Months moratorium on the Principal and interest) and at an interest rate of 22nd per annum.
“I know of a fact that the 1st defendant pledged several securities in obtaining the said credit Facilities from the 1st defendant to wit; ‘proceeds of cashflow from sale of the shops under construction and any other source of income/receivable and several securities to wit; assignment/pledge of rights and Interests of the borrower under concession agreement with Anambra State Government to Keystone Bank Limited letter of domiciliation to domicile all sales proceeds on the shops to the Bank failure to comply will mean an event of default.
‘Legal Mortgage over property at 1166 Cadastral Zone AOS, Maitama District, Abuja with file no AN10322 granted to Mr. Tochukwu Ojemeni.
v. Personal Guarantee and Statement of net worth of the key promoters including but not limited to Personal Guarantee of Amuzie Jude Chukwuma
“I know that sequel to the subsisting credit facility, the Defendants again applied for and were granted an enhancement of the subsisting credit facility from N1, 000,000,000 (One Billion Naira) to N1, 700, 000,000 (One Billion, Seven Hundred Million Naira);. Consequently, availing the defendant (vide offer letter of 23rd August, 2022) the sum of N500, 000, 000 (Five Hundred Million Naira) to part finance the execution of the 1st phase of Awka Market Construction Project.
“However, since the disbursement of the said credit facility by the defendants, the defendants have failed and/or neglected to liquidate the said facility despite several pleas of the plaintiff/applicant to the defendants. It was owing to the persistent failure of the defendants to liquidate their indebtedness that the Plaintiff/Applicant authored a correspondence dated 25th October, 2023 demanding that the Defendants liquidate their debts as at 25th October 2023 in the sum of N2, 451, 843,783.30 (Two Billion, Four Hundred and Fifty-One Million, Eight Hundred and Forty-Three Thousand, Seven Hundred and Eighty-Three Naira, Thirty Kobo) as same was beginning to affect shareholders’ funds negatively and same having been raising concerns especially from the Central Bank of Nigeria (CBN).
“I know of a fact that in response to the plaintiff’s letter of 25th October 2023, the 1st defendant authored a correspondence dared 30 October 2023 disputing its indebtedness to the Plaintiff in the sum of N2, 451, 884, 783.30 (Two Billion, Four Hundred and Fifty-One Million, Eight Hundred and Eighty-Eight Thousand, Seven Hundred and Eighty-Three Naira, Thirty Kobo).
“Interestingly, the 1st defendant contrary to its initial letter of 30 October, 2023 authored a second correspondence dated 20th March 2024 to the plaintiff requesting to pay a tota) sum of N1,600,000,000 (One Billion, Six Hundred Million Naira) within 30 days In one trench as full and final payment settlement of its term loan with the plaintiff.
“Sequel to the rejection of the defendants offer by the Plaintiff, the 1st defendant proceeded to author another correspondence dated 29th May 2024, unequivocally admitting its indebtedness to the plaintiff and further offered to pay the sum of N1, 703, 060,000,00 (One Billion, Seven Hundred and Three Million and Sixty Thousand Naira Only) on or before 30, June 2024 in full and final liquidation of their indebtedness.
“The Plaintiff being desirous to recover depositors’ funds in the defendants bosom acceded to the 1st defendant’s request to pay the sum of N1,703, 060,000,00 (One Billion, Seven Hundred and Three Million and Sixty Thousand Naira Only) via its letter dated 15th May 2024.
“Notwithstanding the concession granted to the defendants by the plaintiff, the defendant again failed and/or neglected to pay the admitted sum within the expected timeframe and thus, prompted the plaintiff/applicant’s to author a final demand to liquidate the sum of N2, 661, 920, 744.57 (Two Billion, Six Hundred and Sixty-One Million, Nine Hundred and Twenty-Two Thousand, Seven, Hundred and Forty-Four Naira, Fifty-Seven Kobo) via its correspondence of 25th July 2024.
“Despite the said correspondence, the Defendants have failed to liquidate the said indebtedness leaving the plaintiff/applicant with no other recourse than to Institute the instant action vide the undefended list procedure since the debt is not in dispute and also to preserve the entire funds of the defendants found within the Jurisdiction of this Honourable Court.
“The eventual Judgment of this Honourable Court may be in vain against the Defendants, as it would have dissipated monies standing to Its credit in various banks by spreading same across Its crony tentacles as represented in the 3rd to 8th defendants (their Directors) via various crony accounts in all financial institutions in Nigeria. Hence the need for the Order of this Honourable court to be made against the defendants as they have benefited from the disbursed facilities from the plaintiff/applicant, and a Consequential Order of this Honourable Court directing all banks and financial institutions within the jurisdiction of this Honourable court to depose on oath the sums standing to the credit of the defendants in their custody within 7 days from being served with a copy of the Order of court.
“The indebtedness of the defendants to the plaintiff/applicant in the sum of N2, 799,758,108.41 (Two Billion, Seven Hundred and Ninety-Nine Million, Seven Hundred and Fifty-Eight Thousand, One Hundred and Eight Naira, Forty-One Kobo) is not in controversy.
“This Honourable Court is empowered with the requisite powers to grant the reliefs sought especially as It relates to service of which essence is to bring to the notice of a Defendant a pending suit.
“I honestly and reasonably believe that the Defendants have continuously failed to honour the plaintiff/applicant’s request for the liquidation of their mammoth indebtedness and have invariably breached the salient terms of the Letter of Credit facility transaction they entered into with the plaintiff/applicant.
“I am aware that by the continuous refusal of the 1st defendant/respondent to liquidate its indebtedness to the plaintiff/applicant, the plaintiff/applicant has suffered untold hardship as It has been exposed to the scrutiny of its statutory regulator being the Central Bank of Nigeria.
“I know of a fact that the defendants/respondents have no intention of liquidating the sum of N2,799,758,108.41 (Two Billion, Seven Hundred and Ninety-Nine – Million, Seven Hundred and Fifty-Eight Thousand, One Hundred and Eight Naira, Forty-One Kobo) being sums undisputedly owed to the plaintiff/applicant and the plaintiff/applicant continues to suffer irreparable damage as a result of the non-payment of the said sum since November 2023 to date.
“I honestly and reasonably believe that the defendants have no defence at all to the plaintiff/applicant’s claim, and that the absence of any defence whatsoever on the part of the Defendants necessitates the Imperativeness of instituting this sult under the “undefended list procedure”.
