Andy Uba offers monthly payment of N1m to cover N50m
A A few weeks after the seizure of three of his vehicles due to a legal debt obtained against him by Oranto Petroleum, owned by Prince Arthur Eze, Senator Andy Uba promised to pay 1 million naira each month until he is repaying the N50 million loan.
This is after he made a partial payment of N2million to show good faith to repay said loan and avoid further embarrassment.
Oranto Petroleum had recently enforced a judgment by a High Court in Anambra State against Uba. The court had ruled that since the former senator had failed to repay the alleged loan of 50 million naira granted to him by Prince Eze through Oranto Petroleum, his property should be confiscated.
Following this, court officials and police stormed Uba’s home in Asokoro, Abuja, and took away three of his vehicles.
In an affidavit on the mode of payment of the loan, where he also explained how he obtained the 50 million naira from the applicant previously considered a donation, Uba said that given the state of the economy, he could only pay in installments.
In a 41-paragraph affidavit signed by himself, Uba said he would face extreme financial hardship and hardship if forced to pay the total debt of 50 million naira in one go.
He said the country’s declining economy had put him in a bad financial position and he could not fully repay the debt as a whole.
Uba, in his petition with supporting affidavits, seeks a court order to stop the continued enforcement of the court judgment which had previously been executed by men from the High Court Enforcement Unit of the Federal Capital Territory Abuja.
Uba had earlier, in his defense in court, claimed that the soft loan granted to him by the creditor was a donation for his campaign, which the presiding judge of the High Court in Ekwuloba, State of Anambra, dismissed on the grounds that the defendant had failed to provide any convincing evidence.
Meanwhile, Oranto Petroleum Ltd, has further filed a motion seeking a court order to auction the vehicles recovered from Senator Uba’s residence. The motion is due to be heard in court in September 2022.