N2.4bn debt: Etiebet, Access Bank explore out of court settlement

There are indications that the legal battle between Access Bank Plc and Obodex Nigeria Limited which is owned by Nigeria’s former Minister of Petroleum Resources, Chief Don Etiebet, may soon be over.

Recall that Access Bank Plc had initially filed a lawsuit against Obodex Nigeria Limited over an alleged N2.4 billion debt. The firm, however, challenged the court’s jurisdiction to entertain the suit.

On December 17, 2018, the court discharged the argument of the firm and empowered Access Bank Plc to take over a landed property belonging to the defendant.

Both parties while appearing before justice Mohammed Liman of the Federal High Court in Lagos on Tuesday said they have decided to explore an out of court settlement.

Access Bank’s lawyer, Divine Obinna, made the disclosure yesterday during a court hearing. He explained that both parties have been in talks and recently reached the stage of an out of court settlement.

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The lawyer then pleaded with the court to adjourn the case so the parties can finalise the terms of the settlement and present it before the court.

Meanwhile, confirming the position, the defense counsel, E. I. Azuzu Evarastus, said he is hopeful that both parties will soon find common ground on the dispute.

After the hearing, Justice Liman agreed to adjourn the case to June 4, 2019, for a hearing of the new settlement terms.