N117m debt: Court freezes guarantor’s accounts in 17 banks

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(Nigeria)  A Lagos High Court has granted a garnishee order nisi attaching any money in the accounts of the guarantors of Holyview Investment International Limited in about 17 commercial banks in the country, for allegedly refusing to pay a judgment debt estimated at N117 million.
Trial judge, Justice Olusola Williams granted the garnishee order to ensure that money in the account of the guarantor, Pastor Samson Oluwamodede  in commercial banks and other agencies are attached for the payment of the judgment debt.
The court gave the order following a motion ex-parte against Holyview Investment International Limited, Mr. Babatunde Francis Adebayo and Pastor Oluwamodede (judgement debtors)
The court directed the banks to file on oath statements of accounts showing the judgement debtors’ financial status with them up to date immediately prior to the service of the garnishee order.
The court also directed the commercial banks to attach all money in any account(s) in their custody to satisfy the sum of N117 million debts’ adjudged due to the judgement creditors.
However, following the order of court, one the garnisheed banks, Guaranty Trust Bank Plc, admitted on oath in an affidavit filed before the court, that the guarantor of the  debtors, Pastor Oluwamodede, maintain an accounts with GTB with available balances in the sums of N4, 045,832.45, N2,130,337.44, N1,071,863.34, $3,027,50, £2,130,337,.44 and €110.00 
However, at the resumed hearing of the suit,  GTB in a motion on notice, sought leave of the court to vary the garnishee order nissi on the grounds that the figures earlier provided by GTB was wrong due to typographical error.
 The bank said in the application that the amount contained in all the accounts held by the 3rd judgement debtor, Olumodede with it, cannot make up the judgement sum and therefore, cannot satisfy the entire judgement debt.
In its counter affidavit against the application to vary the Garnishee order by GTB, counsel to Fundquest International Investment Limited, Mr. Nick Omeye, urged the court to dismiss GTB application, contending that officials of the bank, having studied the statement of accounts of the Olumodede on oath and informed the court that the accounts has a credit balance of N4, 045,832.45, N2,130,337.44, N1,071,863.34, $3,027,50, £2,130,337,.44 and €110.00. 
The judgement creditor further argued that GTB ‘’intentionally refused to attach the statement of account as required by law to the application to vary, adding that there is enough money with the bank to pay Fundquest Financial Services Limited.”


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