Music legend King Sunny Ade’s wife Risikat Adeniyi Adegeye,is currently in a court case over a N45.4 million debt, being the alleged outstanding amount due on a loan facility offered to her by Sterling Bank in 2008.
According to the court papers, she had sometime in 2008 secured a
loan facility of
N23 million from
Sterling Bank which she augmented with her own
funds to purchase a property valued at
N33 million. The property located at
Plot A2, House 3, Adonai Tekts Estate, Central Business District, Alausa Ikeja was duly bought and also served as guarantee for the loan.
According to a report, she is in court to contest an order granted the
Asset Management Company of Nigeria ( AMCON) to take temporary possession of the property which was used as collateral to secure the loan. Through her lawyers she is claiming that the ex parte application filed by
AMCON and the subsequent court judgement were obtained without recourse to due process.
In a sworn affidavit presented to the court by
George Fola Adeniyi, one of
Madam Risikat’s children, she said that she had been dutifully paying for the loan right from the beginning and had even asked her
bank manager to provide her
loan statement of account so as to aid her ascertain and liquidate the balance of her
loan repayment.
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The plaintiff claimed that the bank never provided her with the statement, instead unilaterally passing off her debt to
AMCON in 2011. She also claimed that AMCON has since then been imposing unilateral and extortionate interest on the loan balance without carrying her along. Moreover, she contended, she was not served notice when the organization filed an exparte application to take over the
mortgaged property.
She therefore prayed the honourable court to set aside the
February 22nd 2018 ruling which granted temporary possession of the house in contention.
We will surely give you a full update on this case. stay tuned.
Title : AMCON: King Sunny Ade's Wife In Hot Soup Over Unpaid Debt
Description : Music legend King Sunny Ade’s wife Risikat Adeniyi Adegeye,is currently in a court case over a N45.4 million debt, being the alleged outsta...