A former lawmaker representing Ilaje/Ese-Odo federal constituency at the House of Representatives, Agboola Ajayi may any moment from now forfeit his property worth over N1b to the United Bank of Africa(UBA).
This according to a source followed his alleged inability to refund a N200m loan granted him by the first generation bank.
The property, sources said include a residential building, located at House No. 5, 69A, D Close, Gwarimpa II Estate, Abuja and construction company’s equipment used as collateral for the said loan.
DAILY POST gathered that the was granted to the former legislator’s company, Don Frat Jercess Construction Ltd in February, 2014.
Ajayi, a former chairman of Ese-Odo local government and chieftain of the Peoples Democratic Party(PDP)Ondo state had approached the Okitipupa branch of UBA in January, 2014 for the said loan.
It was learnt that the sum of N142m was granted to him to enable him execute the asphalt laying Kiribo-Gada-Igbekebo road project, awarded to him by the ousted government of former President, Goodluck Jonathan.
The loan, sources said accumulated to over N200m due to his inability to service it at the stipulated time.
An official of the Bank who spoke in confidence said, Ajayi defaulted in the payment and in an attempt to beat the bank to it, agreed to dispose some of the collateral which included his residential building at Gwarimpa II, Abuja and his construction company’s equipment.
Ajayi however sought an injunction at Abuja High Court to restrain the bank from selling his property in lieu of the said loan.
In a suit no: FCT/HC/CV/266/15, dated November 20,he prayed the court to grant him an injunction, retraining the bank from selling or taking over his property.
But Justice Bello Kawu ordered that status quo ante be maintained pending the determination of the substantive suit and adjourned the matter till December 1.
Sources said Ajayi’s current action was belated as the bank had already sold the property.
It was revealed that the house of the former legislator has been allegedly possessed by a senior military officer in Abuja through the UBA.
According to the agreement he made with the bank, the politician was expected to pay back the loan by February this year, but defaulted in doing so for undisclosed reasons.
The bank in its effort to retrieve the loan had petitioned the Inspector General of Police, Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) to urgently intervene in the matter.
When contacted ,Ajayi admitted that his company approached the bank for the said loan which was eventually granted it.
He however maintained that nobody could take his property from him,saying” It is not Agboola Ajayi that is indebted to the bank but my company . I could not pay the money because federal government has not paid me for the road project executed at Kiribo-Gada-Igbekebo.
He described himself as a man of honour,who will never do anything to tarnish his reputation.
The former lawmaker promised to pay the money as soon as the federal government pays for the project executed.
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