Union Bank claims ownership of Ikoyi flat where N13bn was discovered

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Union Bank of Nigeria Plc has claimed ownership of Flat 7B in Osborne Towers, Ikoyi, where huge cash was found earlier this year.

The money which has been forfeited to the Federal Government on June 6, included 43,449,947 (about N13 billion), N23, 218,000 and £27,800 (about N10.6 million).

In its pending application, the bank is praying the Federal High Court in Lagos to vacate an interim order forfeiting the flat to the federal government.

The Economic and Financial Crimes Commission (EFCC) had accused a former Director-General of the National Intelligence Agency (NIA), Ayodele Oke, of fraudulently converting the agency’s funds.

It alleged that Oke’s wife, Folasade, used part of the funds to buy the flat.

The court, on November 9, ordered the flat’s temporary forfeiture to the federal government and further ruled that it would be permanently forfeited if no one turned up to justify ownership within 14 days.

Union Bank’s lawyer, Chief Ajibola Aribisala (SAN), said on Thursday he filed an application seeking to vacate the interim forfeiture order.

In a supporting affidavit, the bank said the flat was part of 16, Osborne Road, Ikoyi, belonging to the former National Chairman of the Peoples Democratic Party (PDP), Adamu Mu’azu.

It said the property was covered by a Certificate of Occupancy dated September 27, 2009 and registered as 97/97/2009 in the Lands Registry Office, Alausa, Ikeja, Lagos.

According to the bank, Mu’azu mortgaged the property to it by virtue of Tripartite Deed of Legal Mortgage dated November 1, 2011.

Union Bank said the property was a security for a loan granted to Tripple A Properties & Investment Limited.

The bank further claimed that the property’s original titled deed had been vested in it (the bank).

Besides, it said the loan was yet to be liquidated despite its tenor expiring.

The bank claimed it sold the property to Chobe Ventures Limited to liquidate the loan.

EFCC, in its counter affidavit, argued that the bank lacks the locus standi to challenge the forfeiture.

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