Court Denies Wema Bank Possession of CMB Properties


Peeved by the alleged concessions granted Wema Bank through an ex-parte motion, CMB Maintenance & Investment Company has assured homeowners in its Pearl Gardens and Nuga Park schemes of the safety of their properties as it contests the order in court.

In the appeal, CMB is relying on the refusal of the court to grant Wema Bank its request that CMB gives up its properties and funds.

It seeks to take advantage of the indemnity provided by the court by showing that Wema Bank should not have filed the motion and that the order should not have been made.

In its exparte motion, Wema Bank had prayed the court to “issue an order directing the Defendants, either by themselves, agents, assigns or privies to yield up possessions and deliver up to the Receiver Manager all the mortgaged properties covered by the Deeds of Legal Properties dated 04/01/15, 04/01/15, 15/02/15, 20/01/15, 05/01/15 and 26/02/15, pending the hearing and determination of the Motion on Notice further to this application.”

It also prayed the court to give an order “restraining the defendants either by themselves, their agents, assigns or privies from removing from the jurisdiction of the court or any bank or financial institution in Nigeria any monies within the jurisdiction.”

However, the court turned down this request, fully aware that CMB could not be disempowered financially without being present in the court.

For these reasons, the attempt by WEMA Bank to mark a few of properties owned by homeowners in the two estates failed.

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When the case finally came up for hearing on June 21, this year, CMB filed its preliminary objections to the order but WEMA Bank was yet to respond to CMB.

The case has been adjourned till September 17, this year.

With the case on course, CMB has assured all homeowners that their properties are safe and are not under any threat as the allegations had suggested.

According to CMB’s Managing Director, Kele Mbagwu, “we have been in the real estate sector for 17 years and delivered over 3,000 homes. We assure all homeowners that their properties are safe and the court will soon resolve issues in the WEMA Bank case”.

Source: pmnewsnigeria