News Express banner Camano banner
Court orders former minister’s children to pay NERFUND N61m

By News Express on 11/05/2017

Views: 1,017

•Ex-Minister Zainab Maina.
•Ex-Minister Zainab Maina.

The Federal High Court, Abuja, has ordered promoters of Bakrad International Limited and the children of former Women Affairs Minister, Mrs Zainab Maina, to pay N61 million to the National Economic Reconstruction Fund (NERFUND).

The said money was an outstanding principal loan and accrued 13.50 per cent interest of a loan granted them to finance a business.

NERFUND filed a suit against Bakrad International Limited before the court and‎ joined Maina’s children, Umar and Rahinatu Maina as the first and second defendants respectively.

Delivering judgment in the suit, Justice Ahmed Mohammed, directed the defendants to pay NERFUND N61 million as agreed upon by both parties during the transaction.

According to Justice Mohammed, the defendants failed to put forward any defence to the plaintiff’s action hence the plaintiff was entitled to judgment of the court.

“Since I earlier held that the defendants have not given any defence to the plaintiff’s claim on the merit, the plaintiff is entitled to judgment of the court.

“I therefore make the following orders: judgment is hereby entered in favour of the plaintiff against the defendants in this suit.

“The defendants are hereby directed jointly and severally to pay the plaintiff the sum of N61, 057 million being the outstanding principal loan and the accrued 13.50 per cent interest agreed on the principal loan as at June 8, 2015.”

Earlier, the plaintiff ‘s writ of summons, deposed to by a staff of NERFUND, Sanusi Ramalan, averred that the defendants had refused to sign and/ or return three engrossed tripartite deed of legal mortgage.

This, alongside three copies of irrevocable power of attorney given by Mr Umar Maina in favour of NERFUND which was earlier forwarded to them for execution.

According to NERFUND, the property was used as collateral to secure the loan via a letter dated Jan. 9, 2013. (NAN)

Source News Express

Posted 11/05/2017 01:02:43 AM

 


 

CLASSIFIED ADS

 

You may also like...
Obasanjo announces Segun Osoba’s death

Nigeria loses $13.7bn annually to farmers, herdsmen conflicts...

Buhari to militants: Embrace peace; one Nigeria not...

Lagos State Internal Revenue Service moves against fraudulent...

Col. Umar insists on appointment of Onoghen as...

Rivers LGs: Industrial Court Ruling Cannot Overrule High...

Knife-wielding men kill 27 and injure 109 in...

BREAKING NEWS: Many feared dead as explosions rock...

180 Boko Haram suspects (including toddlers and babies)...

Prof. Popoola appointed VC UNIOSUN

Yuletide: Lagos announces centres for sale of Lake...

ANLCA threatens to withdraw services over return of...

 

Latest News Tanko Muhammad gets fresh term as Acting CJN Five states declare readiness to pay N30,000 minimum wage FG breaks silence on death sentences on 8 Nigerians in UAE Banditry: Seven Zamfara Emirs under security watch Incoming governors battle incumbents over last minute appointments, contracts 22 killed in early morning attack on Wukari Alleged looting: Imo PDP sets up team to protect government properties Akwa Ibom University suspends 4 students over rape Nollywood star producer Ifeanyi Onyeabor dies shooting movie Heiress pleads guilty in sex slave case Osun raises the alarm over infiltration by Zamfara bandits Nnamdi Kanu to make ‘earth-shattering worldwide broadcast’ today — IPOB •Condemns linkage with murdered prophet

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (469,980 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (414,596 views) Shameless Genevieve Nnaji exposes breasts in public (351,999 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (301,515 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (265,729 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (238,893 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (225,817 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (207,339 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (196,320 views) 10 cars more expensive than Jets (188,016 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (178,912 views) Lagos plane crash: Journalist releases victims’ names (178,345 views)

 

UBA Wise Savers Promo

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (85) Business & Economy (4,208) Business Verdict (65) Columnists (1,017) Complaints & Requests (95) Enterprise & Opportunities (208) Entertainment (607) Features (746) Global Business Monitor (343) ICT Monitor (35) International (3,332) Interview (176) Live Commentary (29) Love Matters (155) Maggie's Blog (232) News (45,125) Opinion (1,223) Pidgin (17) Politics (10,616) Religion (978) Sports (1,961) Stock Watch (39) AMA & Al Jazeera Global Update

 

 

 

 

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera