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N213 million loan: Court orders Jaiz Bank to possess 1,150 metric tonnes of rice paddy wire-house in Kaduna

The Federal High Court in Abuja has ordered Jaiz Bank PLC to possess and sell the 1,150 metric tonnes of rice paddy wire house belonging to Chancellors Farms Nigeria Limited, Kaduna following its failure to pay back N213 million loan.

The order was granted in a motion ex-parte marked FHC/ABJ/CS/401/2024 and filed by the bank against the agricultural firm.

The bank’s lawyer, Yakubu Fobur Esq told Justice Inyang Ekwo that the firm contravened the Companies and Allied Matters Act when it refused to pay its outstanding debt within the stipulated period.

The lawyer explained that orders from the court are anticipated urgently because the respondent has allegedly started selling the 1150 metric tonnes of rice paddy pledged as security for the facility extended to it by the bank.

In his motion seen by TheTimes, he explains further,

At the resumed proceedings, the bank’s lawyer urged Justice Inyang Ekwo to grant his first and third requests in the interest of justice while withdrawing prayer 2.

The judge agreed with the bank’s lawyer.

He ruled,

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