• Wednesday, May 29, 2024
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BusinessDay

Court restrains sale of late Arisekola’s assets

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A Federal High Court sitting in Lagos has directed parties to maintain status quo and not to sell the Lister Oil Tank Farm situate at Creek Road Apapa. The action was filed by Guaranty Trust Bank (GTB) against the Estate of Late ALHAJI ABDUL AZEEZ ARISEKOLA ALAO and two of his companies LISTER FLOUR MILLS NIGERIA LIMITED and LISTER OILS LIMITED, over alleged indebtedness of about N7 Billion. By this Order the Estate of Late ALHAJI ABDUL AZEEZ ARISEKOLA ALAO and the Companies are directed not to dispose their assets (including the personal assets of AlhajiArisekola), especially a Tank Farm owned by Lister Oil Limited situate at No.  21 Michael Ibru Boulevard (formerly Creek Road) Apapa Lagos, pending the determination of pending applications to restrain disposal of these assets.

GTB by the action claims the sum of about 7Billion Naira plus accrued interest being outstanding loans granted to Late ALHAJI ABDUL AZEEZ ARISEKOLA ALAO through his companies, Lister Oil Limited and Lister Flour Mills Limited. The Late AlhajiArisekola had executed a personal guarantee in favour of GTB to repay the loans.

The Personal guarantee is expressed to be continuing against his Personal Estate in the event of his death.  GTB’s application to preserve the assets of the Defendants is to secure the outcome of the action and forestall dissipation of assets such that there will be nothing left to satisfy the Judgment debt in the event that judgment is made in its favour.