19th October, 2010
A senator of the Federal Republic of Nigeria, Alhaji Isa Maina, may be banned from holding any public office in the country, if the Federal High Court, Lagos grant the request of Access Bank to this effect.
The bank in its application filed before the court urged it to restrain Alhaji Maina from standing election into any public office in the country because of his indebtedness to it.
In an affidavit attached to the creditor’s petition filed before the court, the bank alleged that judgement was entered in its favour against Alhaji Isa Maina and his company, Cardinal Oil and Gas Limited, in the sum of $15,829,559.34 (N2,370,000,000) with interest at the rate of 21 percent per annum.
The bank alleged further that every attempt to execute the judgment proved futile, as the debtor persists in avoiding execution of judgment and also failed to pay the judgment debt.
In view of Senator Maina and his company’s failure to pay the debt, the bank is seeking an order adjudging the debtor bankrupt and an order directing that all his assets, interests and holdings, either held personally or through third party and privies be liquidated and the proceeds used to offset the debt.
The bank also urged the court to make a consequential order to bar Alhaji Maina from holding a public office.
The judgment sum was entered in favour of Access Bank by the presiding judge of a Lagos High Court, Justice Adesuyi Olateru-Olagbeji on 22 October, 2009.
A bankruptcy petition was later filed at the Federal High Court before Justice Okechukwu Okeke.
—Akin Kuponiyi
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