The Federal High Court sitting in Lagos has restrained about thirty commercial banks and all other financial institutions operating in the country from releasing or dealing in any money and assets belonging to Purple Real Estate Development Company Ltd and its sister company, Purple Real Estate Income Ltd which were co-founded by one Laide Agboola.
Justice Chukwuejekwu Aneke granted the order of Mareva injunction which also restrained the banks and financial institutions from further releasing any funds up to the amount of the plaintiffs claim of N3.18b being the balance outstanding accruing to the Defendants with the Plaintiffs as at 30th April, 2024 in respect of the Debit Note in the total sum of N625.3m and another loan facility in the sum of N1.8bn granted to the first defendant, Purple Real Estate Devt and guaranteed by the 2nd Defendant, pending the hearing and determination of the Motion on Notice.
The court gave the exparte order after listening to the submission of counsel to the plaintiffs, Adetunji Adedoyin-Adeniyi of AAA chambers.
The plaintiffs in the case are Emerging Africa Trustees Limited, Cardinalstone Trustees Limited and DLM Trust Company Limited.
The cited banks and financial institutions are Guaranty Trust Bank , Access Bank, Citi Bank Ltd, Ecobank Nigeria Plc, Fidelity Bank, First Bank of Nigeria, First City Monument Bank, Keystone Bank Ltd, Opay Digital Services Ltd, Palmpay Nigeria, Paystack, Piggyvest, Momo Agent, Polaris Bank Ltd, Providus Bank, Stanbic IBTC Bank Nigeria Ltd, Standard Chartered Bank, Sterling Bank Plc, Suntrust Bank Ltd, Union Bank Nigeria Plc, United Bank For Africa Plc, Unity Bank Plc, Wema Bank Plc, Zenith Bank Plc and all other financial institutions operating in Nigeria.
Justice Aneke also directed the Banks to file within 7 days, an affidavit disclosing the balance on the Defendants’ accounts maintained with the Banks as at the date of the Order.
The defendants were also restrained from selling, transferring, assigning, and/or dealing with any property of Purple Real Estate Development that can be traced by and located by the Plaintiff/Applicant, including the properties known as NANO HOMES, inclusive of 33 units of the homes or apartments located on Plot 10, Ikate Elegushi in Eti-Osa Local Government Area of Lagos State and another property at No. 350, Ikorodu Road (formerly known as No. 125, Ikorodu Road), Maryland, all of which were pledged by the first Defendant as security for the loan facilities; during the pendency of the suit.
The court also made an order directing the Inspector General of Police, the Assistant Inspector General of Police Zone 2, the Commissioner of Police, Lagos State, the Commandant/ General of the Nigeria Security and Civil Defence Corps, his Assistants, and all other officers under their command to assist the
Plaintiffs to take over exclusive possession of all the properties listed.
Further hearing in the suit was then adjourned to July 22nd 2024.
In a related development, Justice Dehinde Dipeolu of the same Federal High court had earlier granted an Order Nisi in respect to the terms of settlement entered as consent judgment of court in respect of another debt recovery action in Suit No. FHC/L/CS/619/2024 between Emerging Africa Capital Ltd & Anor Vs. Purple Capital holdings Ltd, where Purple Capital had agreed to pay the sum of N500m on or before 26th April, 2024.
It also says that the sum shall first be paid by the defendants before the end of April, 2024 and that the balance of the sum of N182.6m shall be paid in two consecutive equal monthly instalments which the company failed to pay.
The Defendants had also agreed that where they default in the Repayment Terms as scheduled, the Plaintiffs have an immediate right to recover the original indebtedness less the sum that has been paid by the Defendants as stated in the Terms of Settlement and it shall be calculated as if the applicable interest rate was never frozen and the property used as security in the earlier suit can be sold towards the liquidation of the Judgment debt.
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