The Federal High Court sitting in Lagos has ordered Mr. Udokanma, the Chief Executive Officer (CEO) of Fine Country, to pay a total sum of $97,982 to Providus Bank Limited over a loan repayment dispute.
Delivering judgment, Justice Kehinde Ogundare upheld the earlier freezing order placed on Udokanma’s accounts but reduced the applicable interest rate on the loan from 23 percent to 10 percent.
The case, which has lingered for months, stemmed from a loan obtained by Udokanma from Providus Bank. The bank had approached the court after the defendant allegedly defaulted on repayment. As part of its interim relief, the court earlier granted an order freezing his bank accounts pending the determination of the matter.
During the proceedings, the bank argued that Udokanma failed to meet his repayment obligations, while the defendant sought a review of the loan terms, particularly the interest charged.
In his ruling, Justice Ogundare ordered the real estate boss to settle the outstanding sum of $97,982 while affirming that the frozen accounts would remain under the bank’s control until full repayment was made. However, the judge reduced the interest rate from 23 percent to 10 percent, describing the initial rate as excessive.
The judgment marks a major victory for Providus Bank, which had insisted on recovering its funds, while also giving partial relief to Udokanma through the interest cut.
