UNITED Bank for Africa (UBA) has taken over assets of construction firm, Borini Prono (Nig), in the execution of N831,024,818.30 judgment debt decided by Federal High Court in Lagos.
Court sheriffs, protected by policemen, executed the judgment at Borini Prono’s offices in Lagos.
The bank, through its Receiver Manager, took possession of the firm’s assets following Justice Rilwan Aikawa’s judgment of August 28, 2020.
According to the judgment, the parties agreed that if the N831,024,818.30 was unpaid in full, on or by September 30, the concession granted by the first plaintiff in respect of the indebtedness as per interest, shall be revoked and the indebtedness of the defendant shall be as if there was no concession at all.
It said in which case the plaintiffs shall pursue the entire indebtedness, and deal with the defendants assets ‘’in any manner(s) recognised by law and/or under the Deed of All Assets Debenture dated May 6, 2014, without recourse to the defendant or court’’.
“However, if a portion of the N831,024,818.30 is settled on or before September 30, the defendant shall only be liable to pay interest in respect of the outstanding sum.’’
In a statement by its lawyer, Temilolu Adamolekun, the bank said it “commenced an action against Borini Prono in 2019, just before the latter commenced rehabilitation of the Third Mainland Bridge.
“The Receiver Manager appointed by UBA took possession of all assets of Borini Prono, but upon intervention of the Minister of Works and Housing, Mr. Babatunde Raji Fashola, parties entered into Terms of Settlement and adopted same on August 28, 2020.
“Consequent upon the terms, the Receiver released the assets in his possession and Borini Prono could commence execution of the contract on the bridge.
“The assets in possession of the Receiver was what initially delayed commencement of the rehabilitation … even when the ministry had announced date of commencement.”
The statement added: “… Borini Prono was expected to liquidate … N831, 024, 818. 30 on or before September 30.
But Borini Prono failed to fully liquidate the judgment sum, thereby leaving N586, 024, 818, 30 only.
“As a result … UBA has now enforced the judgment of the court through instrumentality of the court and has, on October 28, taken over assets of Borini Prono …”