The legal battle between Access Bank Plc and Obodex Nigeria Limited, a firm belonging to a former Minister of Petroleum Resources, Chief Don Etiebet, over alleged debt, will soon be settled out of court.
Parties in the suit, which is pending before Justice Mohammed Liman of the Federal High Court, Lagos, yesterday, disclosed that they have agreed to settle the dispute out of court.
Access Bank’s lawyer, Divine Obinna, made the disclosure yesterday at the resumed hearing of the matter before the court.
He told the court that talks have reached advanced stage on an out-of-court settlement of the dispute.
Confirming the position, Obodex’s lawyer, E. I. Asuzu, said he is hopeful that both parties will soon find a common ground on the dispute.
After listening to the submissions of the parties, Justice Liman adjourned the matter to June 4, 2019, for report of settlement.
The bank had dragged Obodex Nigeria Limited to court over an alleged indebtedness. The firm, however, challenged the court’s jurisdiction to entertain the suit.
The application challenging the court’s jurisdiction was premised on the fact that the bank had filed similar suit marked CL-2018-000487, against the firm at the Queen’s Bench, High Court of Justice in the United Kingdom.
Justice Liman had earlier refused Obodex Nigeria Limited’s plea to stay the execution of a December 17, 2018 judgment of Justice Ibrahim Buba, which empowered Access Bank to take over the property.