A Federal High Court, Lagos, on Friday adjourned till Nov. 18 further hearing in a case filed by the Guaranty Trust Bank Plc against Dr Wale Babalakin (SAN), a businessman, over alleged N12.3 billion debt.
Justice Mohammed Idris adjourned hearing in Babalakin’s motion challenging the court’s jurisdiction to hear the suit.
The GTB sued Babalakin along with his construction and real estate firms.
The companies are Stabilini Visinoni Ltd., Roygate Properties Ltd., Resort International Ltd. and Homan Engineering Company Ltd.
The bank wants the court to help it to recover the alleged debt, which it claimed was an outstanding balance of a credit facility it granted the defendants.
It also wants the court to compel the defendants to pay interest on the N12.3 billion at the rate of 30 per cent from Nov. 30 last year till judgment date.
Idris ruled on Friday that it was wrong to hear the substantive suit together with the application challenging the court’s jurisdiction as argued by the plaintiff.
The only exception appears when the issue of jurisdiction is laced with the merit of the case which is not so in this case,’’ the judge held
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