A Federal High Court in Lagos on Friday ordered that the BSS Steel Rolling Mill located at Abese Village, Ogun State be re-opened with immediate effect. The company had been under shut down since November 28, 2013.
In a short ruling, Justice M.B. Idris, declared the interim order of the court ceding the company’s management to GTB to have elapsed. “It is hereby ordered that the Order exparte made pending the hearing and determination on notice automatically lapses,” he said. Earlier, Guaranty Trust Bank, on the strength of the order of the court, had assumed management of the company through its appointed manager, Mr. Norrison I. Quakers. This followed the ruling of the court last year for the company’s asset, used as security in obtaining a loan facility, to be taken over and preserved by the bank pending the hearing and determination of the suit filed against the company (defendant) by GTB (plaintiff). GTB in a suit numbered FHC/L/CS/1447/2013 had summoned BSS Steel Rolling Mill and Chief Samuel Oluwole Ariyo joined as first and second defendants before the court for allegedly owing GTB, the plaintiff, a sum of N364,798,405.98 with interest being the outstanding sum advanced by the plaintiff to the first defendant and guaranteed by the second defendant on May 5, 2010. The plaintiff had, through its counsel, Norrison Quarkers, sought the order of the court to take over the company and preserved its assets till the conclusion of court proceedings on the matter. The court on Friday struck out the plaintiff’s application seeking to restrain the operations of the company till the conclusion of court proceedings. The judge pronounced the application “incompetent” owing to irregularities in the naming of the defendants/respondents. A sum of N10,000 was also awarded by the court as cost in favour of the the defendants. Further hearing on the matter was adjourned to June 6, 2014.
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