A Federal High Court Judge, Justice Mohammed Yinusa has absolved Taurus Shelters Limited and its Managing Director, Ignatius Ukpaka from charges instituted against them by the government.
In his ruling, Justice Yinusa held that the charge was aimed to deceive the court as the offence with which the defendants were charged is alien to written law and, therefore, “is incompetent”.
The court held that the joining of Ukpaka’s name and his company in the suit against staff of the defunct Gulf bank was aimed to deceive the court, and the public.
It also ruled that the charge was baseless as it was not defined under a written law and therefore lacks any locus standi to succeed.
According to the Justice Iyinusa, there was no basis for joining Taurus Shelters Limited and Ukpaka in the suit against ex-Gulf bank managing directing, stressing that they were neither shareholders or staff of the defunct bank.
In his defence, Ukpaka stated that sometimes in May 2015, he desired to purchase a piece of land in Ikoyi.
Consequently, he authorised one John Ezugwu, an Estate Surveyor to source for a parcel of land at Banana Island, Ikoyi, Lagos for an outright purchase.
He stated that a property consultancy firm, Structure Base Limited offered the disputed land belonging to the 3rd defendant (Adeyeba) for sale.
He stated that upon Ezugwu’s enquiry of the whereabouts of the original title documents, the 3rd defendant disclosed that he deposited the original title documents with Eko International Bank (now Skye Bank Plc) and that the said document was used to secure a loan facility extended to Fabisco and Allied Product Limited sometimes in November 2003.
Consequently, upon enquiry, the bank insisted that the original title of the land will only be released upon liquidation of the 3rd defendant’s indebtedness to the bank.
He added that it was agreed that the sum of N79 million be paid and before making payment a search was conducted at the Federal Lands Registry office Ikoyi, Lagos State where the land was said to be free from any registered encumbrance.
According to Ukpaka, upon payment for the disputed land, the original title document was handed over to him.
Surprisingly, at the point of collecting Deed of Assignment in conclusion of registration of the title, the he was informed by the officials of the Federal Ministry of Works and Housing that the perfection cannot be concluded because a federal government agency had placed a caveat on the land, which he paid for and received all the documents.