Court Halts Sale Of Arisekola’s Assets Over N7bn Debt Owed GTBank

Plans to sell the assets of the late Aare Musulumi of Yoruba land, Alhaji Abdul-Azeez Arisekola-Alao has been halted by a Federal High Court sitting in Lagos.

The suit was filed by Guaranty Trust Bank (GTB) against the Estate of Arisekola Alao and two of his companies, Lister Flour Mills Nigeria Limited and Lister Oils Limited, over the alleged indebtedness to the tune of N7 billion.

After considering the facts presented before the court, the parties in the alleged debt suit to maintain status quo and stop the planned sale of the companies and personal assets of the late billionaire businessman.

“By this Order, the Estate of Late Alhaji ABDUL AZEEZ ARISEKOLA ALAO and the Companies are directed not to dispose their assets (including the personal assets of Alhaji Arisekola), especially a Tank Farm owned by Lister Oil Limited situate at No. 21 Michael Ibru Boulevard (formerly Creek Road) Apapa Lagos, pending the determination of pending applications to restrain disposal of these assets,” the court directive read in part.

“GTB by the action claimed the sum of about N7 billion plus accrued interest being outstanding loans granted to Late Alhaji ABDUL AZEEZ ARISEKOLA ALAO through his companies, Lister Oil Limited and Lister Flour Mills Limited.”

The bank alleged that Arisekola executed a personal guarantee in its favour to repay the loans. The Personal guarantee is expressed to be continuing against his Personal Estate in the event of his death.

The death of the philanthropist has therefore shifted the responsibility of the loan repayment on Arisekola’s Estate, which therefore has to remain to ensure GTB gets its money back.

According to a report by the Nigerian Tribune, GTB’s application to preserve the assets of the Defendants is to secure the outcome of the action and forestall dissipation of assets such that there will be nothing left to satisfy the Judgment debt in the event that judgment is made in its favour.