N117m Debt: Court Freezes Guarantor’s Accounts In 17 Banks | Independent Newspapers Limited
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N117m Debt: Court Freezes Guarantor’s Accounts In 17 Banks

Posted: Nov 30, 2015 at 9:47 am   /   by   /   comments (0)
Oladunjoye Phillip, Lagos
For allegedly refusing to pay a judgment debt estimated at about N117 million, a Lagos High Court, presided over by Justice Olusola Williams, has granted a garnishee order nisi attaching any money in the accounts of the guarantors of Holyview Investment International Limited in about 17 commercial banks in the country.
The Garnishee is made to ensure that monies in the account of the guarantor, Pastor Samson Oluwamodede in commercial banks and other agencies are attached for the payment of the judgment debt.
Justice Williams gave the order following a Motion Exparte, brought pursuant Order VIII Rule 2, 3&4 filed by Fundquest Financial Services Limited (judgement creditor) against Holyview Investment International Limited, Mr. Babatunde Francis Adebayo and Pastor Samson Oluwamodede (judgement debtors).
In the Enrolment Order dated October 12, 2015, the court had directed the banks to file on oath statements of accounts showing the judgement debtors’ financial status with them up to date immediately prior to the service of the garnishee order.
Besides, the court directed the commercial banks to attach all monies in any account(s) in their custody to satisfy the sum of N117 million debts’ adjudged due to the judgement creditors.
However, following the order of the court, one of the garnisheed banks, Guaranty Trust Bank Plc, GTB, admitted on oath in an affidavit filed before the court, that the guarantor of the  debtors, Pastor Samson Oluwamodede, maintained an accounts with GTB with available balances in the sums of N4, 045,832.45, N2,130,337.44, N1,071,863.34, $3,027,50, £2,130,337,.44 and €110.00 
However, at the resumed hearing of the suit on Friday, GTB in a Motion on Notice dated November 18, 2015 brought pursuant to Order 39 rule 1 of the High Court of Lagos state (Civil Procedure Rules 2012) filed by its lawyer, Margaret Akpoyoware, sought leave of the court to vary the garnishee order nissi on the grounds that the figures earlier provided by GTB was wrong due to typographical error.
 The bank said in the application that the amount contained in all the accounts held by the 3rd judgement debtor, Olumodede with it, cannot make up the judgement sum and therefore cannot satisfy the entire judgement debt.
But, in its counter affidavit filed against the application to vary the Garnishee order by GTB, counsel to Fundquest International Investment Limited, Mr. Nick Omeye, urged the court to dismiss GTB application, contending that officials of the bank, having studied the statement of accounts of the Olumodede on oath and informed the court that the accounts has a credit balance of N4, 045,832.45, N2,130,337.44, N1,071,863.34, $3,027,50, £2,130,337,.44 and €110.00.  The judgement creditor further argued that GTB “intentionally refused to attach the statement of account as required by law to the application to vary, adding that there is enough money with the bank to pay Fundquest Financial Services Limited.
In a 44-paragraph affidavit, sworn to by one Kenneth Eze, the judgement creditor stated that the court can not vary or set aside the Garnishee Order absolute earlier granted, adding that the judgement creditor will be highly prejudiced if the application to vary is granted by the court.
According to the judgement creditor, unless the bank is compelled by the court, the bank will not release the money in its account.
Fundquest Financial Services Limited further stated that garnishee order absolute is a final order and cannot be varied or set aside by the court that made the order, but by an appellate court.
Meanwhile, the presiding judge, Justice Williams, has adjourned the matter till December 8, 2015 for hearing of other pending applications.