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Tuesday, May 17, 2022

Controversy trails take over of Nosak Group by GTBank over alleged N6 bln debt

There is an ongoing controversy over the Guaranty Trust Bank (GTB) takeover of Nosak Group and the appointment of a receiver/manager for the company over a N6 billion debt on the lender by Nosak.

While Nosak Group Managing Director, Thomas Oloriegbe said his company has obtained court order quashing the appointment of a senior lawyer, Ajibola Aribisala as the receiver/manager on behalf of GTB, the lawyer said there is a pending appeal over the judgment obtained by Nosak.

According to Nosak Group chief executive, police has continued to occupied the head office and the premises factory of one of its subsidiaries, Nosak Distilleries, despite a court judgment against such, putting more than 500 jobs at risk.

Oloriegbe said following a dispute over debt allegedly owed by the company to GTBank, the bank had appointed a receiver that sealed three premises of the company since January 29.

He said one of the premises sealed by the receiver is a factory belonging to Nosak Distilleries where the company manufactures ethanol.

He said despite getting a declarative court judgement that set aside the purported receivership and sealing of the distillers, the occupying police officers from Bauchi had remained in its premises.

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Oloriegbe said on January 29, 2021, Aribisala acted on a purported Exparte Order granted by Justice A. M. Liman of the Federal High Court to take over the Head Office of Nosak Group at 2, Ramat Crescent, Ogudu GRA, Lagos with stern looking policemen and forcefully ordered the staff of the company out of the office premises.

“We immediately filed applications to set aside the orders and the appointment of Chief Ajibola Aribisala as receiver/manager of the companies and preliminary objections to the suits.

“The court having heard all the parties delivered judgment on 30th August 2021. The court in its judgment upheld the preliminary objections and all the prayers we sought in our objections.

“The court set aside the deed of appointment appointing Chief Ajibola Aribisala and also set aside the appointment of Chief Ajibola Aribisala (SAN) as receiver/manager of Nosak.

“Although, we obtained a judgment setting aside the exparte orders and the appointment of Chief Ajibola Aribisala, we have been unable to access our office and factory premises which employ over 500 staff as the locations are currently manned by police officers deployed by Chief Ajibola Aribisala since January 29, 2021,” Oloriegbe said.

However, Aribisala in his response said that he had filed an appeal on September 1, 2021, and a stay of execution of the judgment pending the decision of the appeal.

“We have nothing to say as we don’t want to join issue with them on pages of newspapers. Yes, there was indeed a judgment but they didn’t say there was an appeal and we have served them the paper.

“The judgment was delivered on August 30, and as of today, we have not seen the judgment.

“The judge has not released the judgment; we have not seen the real content of the judgment.

“We have filed an appeal and stay of execution of the judgment pending appeal which has been served on the counsel to Nosak directors. The law is that the status quo must be maintained pending appeal. It’s a constitutional requirement,” Aribisala was quoted by a Punch report.

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