UNITED Bank for Africa (UBA) has seized the assets of the Nigerian construction company Borini Prono (Nig) to satisfy a judgment obligation of N831,024,818.30 awarded by the Federal High Court in Lagos.
At Borini Prono’s premises in Lagos, court sheriffs carried out the verdict under the protection of police officers.
Following Justice Rilwan Aikawa’s ruling on August 28, 2020, the bank, acting through its Receiver Manager, seized ownership of the firm’s assets.
The judgment states that the parties agreed that the concession made by the first plaintiff regarding the debt as per interest would be withdrawn and the defendant’s obligation would be as if there had been no concession at all if the N831,024,818.30 was not fully paid on or by September 30.
UNITED Bank for Africa (UBA) has seized the assets of the Nigerian construction company Borini Prono (Nig) to satisfy a judgment obligation of N831,024,818.30 awarded by the Federal High Court in Lagos.
At Borini Prono’s premises in Lagos, court sheriffs carried out the verdict under the protection of police officers.
Following Justice Rilwan Aikawa’s ruling on August 28, 2020, the bank, acting through its Receiver Manager, seized ownership of the firm’s assets.
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The judgment states that the parties agreed that the concession made by the first plaintiff regarding the debt as per interest would be withdrawn and the defendant’s obligation would be as if there had been no concession at all if the N831,024,818.30 was not fully paid on or by September 30.
“The Borini Prono assets were all taken into custody by the Receiver Manager designated by UBA, but after the Minister of Works and Housing, Mr. Babatunde Raji Fashola, intervened, the parties came into Terms of Settlement and adopted them on August 28, 2020.
The assets in the receiver’s hands were what initially caused the rehabilitation to be delayed, even after the ministry stated the start date. “Consequent upon the terms, the receiver released the assets in his possession and Borini Prono could begin executing the contract on the bridge.
“Borini Prono was expected to liquidate… N831, 024, 818. 30 on or before September 30,” the statement continued.
However, Borini Prono was unable to completely liquidate the judgment amount, leaving only N586, 024, 818, 30.
As a result, “UBA has now, on October 28, taken over assets of Borini Prono and has enforced the judgment of the court through instrumentality of the court”
