Appeal Court holds verdict in N700m property taken over by Access Bank

The Court of Appeal in Ibadan has reserved judgment in an appeal filed by Mr. Joel Chuks and his company on his N700 million property that was taken over by Access Bank due to non-payment of loan debt.

Chuks and his company, Joel Chuks Venture Ltd., had filed an appeal against the judgment of the Oyo State High Court delivered on June 2, 2010 by Justice A. Gbolagute.

The lower court had ordered Access Bank to take over property used as collateral by Chuks to obtain a N10 million loan from Access Bank.

Supreme reports that the respondents in the matter are Access Bank and the buyer of the property, Mr. Samson Atobatele.

The three-man panel of appeals, chaired by Justice Moore Adumen, reserved its judgment on Wednesday after listening to the arguments of both the applicant's and respondent's counsel.

Mr Emmanuel Olatoke, applicant's counsel, informed the court that his client was not served with the hearing notice at the lower court, while judgment given in his absence.

Olatoke, who adopted the appellant's brief as his argument, urged the court to set aside the judgment of the lower court and allowed the appeal.

Also, Counsel to Access Bank, Mr S. Uzuh, who also adopted his respondent's brief as his argument before the court, urged the court to dismiss the appeal and uphold the lower court's decision.

The Counsel to Atobatele, Mr George Olaniyi, informed the court that the appeal was incompetent, lack merit and that the court lacked jurisdiction to entertain it.

Olaniyi said that the applicant was served through a substituted means at the lower court.

He urged the court to dismiss the appeal and uphold the decision of the lower court.

Supreme reports the applicant had complained of arbitrary interest charges in respect of the loan.

He has paid more than the amount meant as loan repayment for the bank.