A Federal High Court, Lagos yesterday declared Anyiam-Osigwe Charles and Chief Anyiam-Osigwe Anthony bankrupt and appointed the petitioner, First Bank of Nigeria (FBN) as a receiver manager of the debtors’ estate.
The judgment of the court was as a result of the non-compliance of the respondents to the decision of Justice Lawal Akapo of Lagos High Court in 2012 which ordered them to liquidate their indebtedness to the petitioner.
First Bank through its counsel, Kemi Pinheiro (SAN) had earlier obtained an order through a motion on notice before Justice Akapo in suit no. LD/1934/2009, where in a summary judgment, the judge ordered the debtors to pay the sum of N625million being the loan advanced to them by the Bank within six months.
But the petitioner said judgment debtors failed to comply with the order, prompting it to file the bankruptcy petition.
Consequently, Justice Okon Abang yesterday granted and declared the judgement debtors bankrupt.
The judgment debtors who are business and companies executives reside at 9A, Ramond Njoku Street, South West, Ikoyi, Lagos State.
However, the judgment debtors argued that the judgment of Akapo is on appeal and therefore insisted that stay of execution should apply, urging the court to wait for the outcome of the appeal.
But Justice Abang disagreed with their position saying that “appeal had not been entered as at the commencement of this suit. I so hold.”