The Estate of Late Chief Sonny Odogwu and two of his companies – SIO Properties Limited and Robert Dyson & Diket Limited, have yesterday refuted media reports which allege that the three of them are owing Access Bank N50billion.
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In contrast to the publication, their lawyer, Chief Anthony Idigbe SAN, stated that his clients had fully satisfied their financial duties in the matter.
He stated that this was accomplished through a debt-for-asset swap in full and final settlement of the dispute and debt.
Media had reported that a debt recovery process was last week initiated by Access Bank against the late Chief Sunny Odogwu and the two of his companies.
The report stated that in November 2015, the Federal High Court found the late Chief and his companies guilty of a breach of Bank-Customer Relationship and therefore ordered the sale of the Property used as collateral for the loan.
The sum of N26,229,943,035.22 was used in the financing of the Le Meridien Grand Towers, known as Luxury Collection Hotels and Apartments located at 31 -35 Ikoyi Crescent, Ikoyi, Lagos State.
However, taking into consideration the 20 per cent interest on the facility since the judgement was passed, the total debt has now reached over N50 billion.
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