Adamawa state High Court presided by Justice Abdul-Azez Waziri, has ordered Ganye Local Government Council to pay the whopping sum of #113million to Guaranty Trust Bank.
The court also ordered the LGC to pay 21% interest on the principal sum above per annum from 3th March, 2015, till final liquidation of the judgement, and 10% interest on the judgement sum to the date of judgement to date of final liquidation of the judgement.
More so, the court in its judgement has ordered the affected LGC to pay the sum of #500,000, as damaged and the sum of #,250,000, as cost against the LGC in favour of the bank.
The bank had dragged the LGC to the court for serving as a guarantor on a loan facility obtained by the former Executive Council of the Nigeria Union of Local Government Employees (NULGE), Multi Purpose Cooperative in Ganye LGA, but could not be paid back to the time of expiration of their tenure.
The report had it that when the new exco assumed office, refused to pay the facility obtained by their predecessors despite several attempt by the bank for repayment.
According to impeccable sources, the bank was left with no alternative than to drag the 2nd defendant which is the LGC to the court for repayment since the beneficiaries have disappeared.
Delivering his judgement on suit number ADYS/70M/2018, Justice Abdul-Azez Waziri, ordered Ganye LGC to pay the above amount of money to the bank.
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