Sterling Bank Plc has dragged former
managing director of the defunct Omega
Bank Plc, Reverend Segun Agbetuyi and
two others before the Federal High Court
in Lagos for allegedly failing to pay back
a N232,252,173.99 debt.
The bank in the debt recovery suit is
seeking a judicial order to liquidate the
defendant’s debt by selling Consecrated
Farms Limited, located at14b, Danny
Estate, Makoko, Lagos, and four numbers
of three-bedroom detached bungalows,
located at Adebimpe Akinwunmi/Adekitan
Oshikoya street, Ori-okuta palace, Owutu-
Agric, Ikorodu, which is covered by a
Certificate of Occupancy dated May 5,
2006, and registered in number 2, page 2,
Volume 2006F of the Lands Registry.
Sterling Bank is also praying the court for
an order that proceeds of the sales be
applied in part or full satisfaction of the
indebtedness of Rev. Agbetuyi and his
company, Consecrated Farms Limited.
The bank also wants the court to direct
the permanent secretary, Bureau of Land
to forthwith regularise the Title
Documents in its custody, while also
demanding the sum of N10 million, being
legal fees for prosecuting the suit.
Joined as co-defendants in the suit are
Consecrated Farms Limited, owned by
Rev. Agbetuyi, and the permanent
secretary, Bureau of Land, Lagos State
Ministry of Lands, as first and third
defendants.
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