June 26, (THEWILL) – Kolapo Lawson may be regarded as one of Nigeria’s richest men, but it is not certain if his wealth will save him from a looming battle with First Bank of Nigeria Limited.
For many who do not know, the unassuming billionaire runs one of Nigeria’s biggest indigenous business conglomerates with interests in banking, real estate, manufacturing, food and beverages sector with turnover in several billions.
Lawson was the former chairman of Ecobank Transnational Incorporated with the largest individual stake. He is the Chairman of Agbara Estates Limited, arguably Nigeria’s biggest industrial and residential estate; the Chairman of Vitamalt Plc; CEO, Lawson Corporation, a trading and investment company which was founded by his late father, Chief Adeyemi Lawson, founder of the Grail Movement in Nigeria and several other business concerns where he is a board member.
The younger Lawson avoids publicity like a plague, which is why it came as a surprise when news broke about a lawsuit allegedly instituted against him and several others by Nigeria’s oldest bank. First Bank has asked a Federal High Court, sitting in Lagos, to restrain him and five others from dissipating some of assets which are at No. 21 Milverton Road, Ikoyi, Lagos, and 21 hectares in Agbara estates in phase 3 area of Agbara, Ogun State, over a N13.42 billion debt, pending the determination of the suit.
The five others named alongside Lawson in the suit are also directors in two companies, Commonwealth Consortium Limited and Agbara Estates Limited where he is chairman, behind the alleged sale of the assets. First Bank in its case with suit number FHC/L/CS//2022, is praying the court to order Lawson and Mr Kayode Ayeni, Mrs. Kikelomo Ayeni, Mr. Paulo Cruz, Mr. Tunji Lawson and Babatunde Akindele, all former directors of the two companies, to yield possession of the assets, covered by Mortgage Deeds, and deliver to the Receiver/Manager, Mr. Oluwakemi Balogun, SAN, statement of accounts, inventory of all assets, list of debtors and all other documents in their custody.
The bank, in the suit, further alleges that in a bid to avoid repayment of depositors’ funds trapped in their custody, they began dissipating their assets, and taking steps to move all other moveable assets outside the jurisdiction of the court.
First Bank alleges that they are also taking steps to alienate or transfer the charged assets to unsuspecting third parties, thus creating an imminent risk of the defendants to frustrate the realisation of the charged assets and other assets of two of the defendants. The plaintiff (First Bank) is praying the court to restrain the defendants and others including employees of the 2nd and 3rd plaintiffs from interfering with or otherwise obstructing or frustrating the Receiver/Manager appointed by the First Bank in the course of performing his statutory duties over the whole assets of the 2nd and 3rd plaintiffs.
The plaintiff inferred that the assets are as covered by the Deed of Legal Mortgage of January 30, 2019, registered as No. 89 at Page 89 in Volume 213 of the Federal Lands Registry Lagos and further registered with the Corporate Affairs Commission on November 15, 2019. The case has now been adjourned till June 30 for hearing.
Ivory Ukonu is a versatile journalist with many years of experience, with entertainment and society reporting as her area of core competence.
