The acting Director-General of the National Commission against the Proliferation of Arms, Light Weapons and Pipeline Vandalism (NATCOM), Mr. Adejare Adegbenro, has been ordered to appear before a Lagos State High Court at Ikeja over his alleged failure to pay a judgment debt of N2,016228,442.95.
The debt was awarded to Fundquest Financial Services Ltd by the court on July 5, 2021, against Adegbenro and two other companies, Balmoral International Ltd and DDSS International Company Ltd, for defaulting on a loan facility of N405 million granted to them by Fundquest in 2017.
The court, presided over by Justice Akinkunmi Idowu, issued the summons on November 8, following an application by Fundquest’s lawyer, Mr. Adetunji Adedoyin-Adeniyi, who sought to examine Adegbenro on his means and assets to satisfy the judgment debt.
The summons, which was obtained by PUNCH, warned Adegbenro that he could be committed to prison if he failed to show cause why he should not pay the debt.
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The court also adjourned the matter till December 4, for further proceedings.
According to the judgment, the debt comprises the principal sum of N1,033,800,276.46, interest at 30 percent per annum from November 30, 2020, to July 5, 2021, and 20 percent per annum thereafter until the debt is fully paid.
The court had earlier granted a Mareva injunction freezing the accounts and properties of the defendants in all commercial banks in Nigeria up to the amount of the debt, pending the determination of the suit.
The court also restrained the defendants from transferring or dealing with their funds and assets until the judgment debt is liquidated.