Ascon Oil Limited and Stanbic IBTC are engaged in a scuffle over the sale of a petrol station worth N2.5 billion.
While Ascon claimed that a Federal High Court in Lagos ordered it to recover the petrol retail station located at Block 36, Admiralty Way, Lekki Phase 1, purportedly sold by Stanbic IBTC Bank, the bank said there was no such order, describing Ascon’s action as a gross misrepresentation.
The oil firm said the ruling was by Justice Mohammed Liman of the Federal High Court, Lagos on the suit marked FHC/L/CS/567/2020, which resulted from a N1.7bn loan facility. The property with a market value of N2.5bn was said to have been undersold at N1.53bn through Stanbic IBTC’s receiver manager to one of its customers.
Ascon had alleged in its motion on notice that the purported Deed of Legal Mortgage dated June 5, 2019 through which Stanbic IBTC derived its right or power to either appoint a receiver manager or sell the property was forged.
Ascon also alleged that forensic analysis of the purported Deed of Legal Mortgage revealed significant inconsistencies as two supposed signatures were materially different from their regular signatures and the signature page of the purported Deed of Legal Mortgage was a counterpart copy of previously executed versions. However, in a statement by the bank yesterday, it said that Ascon Oil Limited (“Ascon”) ‘retook possession’ of a property along Lekki Admiralty Way, pursuant to an alleged Court Order issued in their favour was a gross misrepresentation by Ascon, as no Court Order was granted to Ascon to warrant their extra-judicial action, which they undertook in forcefully seizing a Petrol Station validly belonging to a third party, in total defiance and disregard of Ruling of Justice Liman of the Federal High Court on 24 July 2020. ‘‘Please take note that the Federal High Court had on 24 July 2020, clearly refused to grant Ascon’s application to set aside the Order earlier granted to the Receiver appointed by the Bank to take possession of the Petrol Station located on Lekki Admiralty Way, Lekki Phase 1 Lagos.
“In total contempt of the Ruling by the Federal High Court, the directors of Ascon resorted to self-help, and forcefully seized the property from the valid title holder. The Bank is taking all lawful steps to ensure that the illegal and unlawful ‘possession’ is reversed and the directors of Ascon are brought to book,” the statement read in part.