The High Court of Lagos State sitting at Igbosere, Lagos, has awarded the sum of N400,000, 000 (Four Hundred Million Naira) against businessman Abdu Garba Dantata, in favour of Lotus Capital Limited.
The order was contained in a judgement delivered by Justice Beatrice Oke-Lawal on July 21.
Lotus Capital said it sued Mr. Dantata at the Lagos High Court in suit no LD/1076/2013 over his failure to honour a guarantee he issued on behalf of AMS Logistics Limited, a company owned by his cousin, Kafilu Baba, to support a lease finance facility granted AMS Logistics Limited by Lotus Capital.
AMS Logistics Limited defaulted on the facility and the guarantee crystallised.
According to Lotus Capital, it served several demand notices on Mr. Dantata, but he failed to indemnify Lotus Capital for the guaranteed sum.
The Court also granted a post-judgement interest at 10 per cent per annum on the judgement debt until it is finally liquidated.