Wema Bank Plc was last week involved in two separate strategic takeovers involving the property of a limited liability company and taking over controlling stake of Wema Bank’s shares by an investor.
A Federal High Court sitting in Lagos, last week, granted Wema Bank of Nigeria Plc the power either by itself or through its appointed Receiver Manager to take over and preserve the property of a limited liability company.
The firm, CMB Maintenance & Investment Company was used as security to obtain loan that has not been paid, pending the determination of the substantive suit.
This is just as indications emerged that a strategic investor is taking controlling stake of Wema Bank Plc, given the quantum of transactions executed on its shares on Monday and Tuesday last week.
Specifically, at the close of trading on Monday, June 17, transactions in the shares of Wema Bank topped the activity chart with 2.7 billion shares valued at N1.71 billion.
Also, similar massive transactions were recorded in the shares of the bank on Tuesday, June 18, which traded 2.4 billion shares valued at N1.48 billion, resulting in 1.65 per cent rise in turnover to 2.91 billion units, valued at N11.225 billion, exchanged in 3,324 deals.
Market watchers believed that such a big-ticket transaction in Wema Bank shares is a strong indication that a strong strategic investor is taking controlling ownership of the bank.
Similarly, Joined as co-defendant in the CMB Maintenance & Investment Company debt recovery suit was the Managing Director of CMB Maintenance and Investment Company, Kelechuckwu Mbagwu.
The order of the court was as result of an application file and argued before the court by a Lagos lawyer, Norrison Quakers, SAN.
In an affidavit sworn to by a Relationship Manager of Wema Bank, Mr Henry Alakhume, the deponent averred that by an application dated March 24, 2014 and signed by Kelechukwu Mbagwu, the Managing Director of CBM Maintenance & investment Company applied to Wema Bank for a loan Project Finance Facility in the real estate sector, to finance the completion of 17 units of detached duplexes Pearl Garden Estates at Sangotedo, Lagos State and which was granted to CMB Maintenance & and Investment by Wema bank Plc.
He said the security for the facility was agreed to be legal mortgage seven units detached duplexes three blocks located at Pearl Nuga Estate, along Cardinal Anthony Olubunmi Okojie Road, Sangotedo, Lekki Expressway, Lagos State valued at N347.2 million.
Alakhume explained that six other legal mortgages were also created in respect of the properties in the security specified.
He said the defendants drew down on the facility but had since failed to meet repayment obligations and that as at January 2017, the sum of N226,496.441.09 only was outstanding and unpaid by the defendants.
After listening to the argument and submission of Quakers SAN., the presiding Judge Ayokunle Faji while restrained Kelechukwu Mbagwu, his company and their agents and privies from doing anything obstructing the Receiver/Manager in his lawful execution.
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