A businessman, Afolorunso Yinusa, based in Ijebu-Ode Ogun state, South west Nigeria has dragged Union Homes Savings and Loans before a Lagos High Court in Ikeja over its failure to pay him N757,499,795.57, being the outstanding balance of his fixed deposit.
Yinusa wants the court to wind up the company over its inability to pay its debt.
In a statement of claim, Yinusa alleged that he deposited deposited a fixed deposit investment with the Union Home Savings and loan Plc in the sum of N484,808,401.19, on 11 of November, 2013.
The money was to be fixed for 90 days and repayable on the 9th of February 2014, when the fixed deposit investment would have matured.
However at the maturity of the investment, the defendant defaulted and failed to pay the principal sum and the accrued interest, standing at N502,739,670.82
A demand letter for transfer of fund was made to the Business Manager Union Homes Savings And Loans Plc, Victoria Island Brand, 14, Muri Okunola Street, Off Ajose Adeogun Street, Victoria Island, Lagos
As a result of the failure of Defendant to pay, Yinusa engaged the services of Messrs Rotimi Odukoya & Associates, a firm of certified accountants to demand payment. Union Homes failed to pay and instead rolled the investment for more time.
Yinusa claimed that he wrote the mortgage bank to remit what was due to him by November 2015, the sum of N602,017,499.77k to his account at Guaranty Trust Bank.
Again, Union Homes ignored him.
Yinusa said the failure of Union Homes to refund his money has exposed him to serious financial inconveniences and embarrassment.
At a meeting attended by the two parties, it was agreed that the defendant would pay the sum of N50million to the Claimant out of the total indebtedness on / or before 31st August, 2016 and another N50million would be paid by September, 2016.
Union Homes was represented at the meeting on 13 June, 2016 by an Executive Director, Mr. Ifeanyi Uzoh, who made the promise that the N50,000.00 Payments of August and September, 2016 would be made from part of the money the Defendant’s would collect from First Bank Plc.
However, when the money was paid by First Bank Plc to the Defendant, the money was diverted to other purposes, Yinusa has deposed to the court.
Yinusa said Union Homes has made several promises to redeem its indebtedness, including Asset-Swap arrangement with him without any genuine intention of fulfilment.
The failure and refusal of the Defendant to refund the Claimant’s fund since 2015, he said has adversely affected him as he has been unable to meet his demands, thus exposing his business to serious suffering.
Union Homes has filed an application before the court urging the court to dismiss the winding up petition. It said the petition is an abuse of court process.