A mortgage bank, Finbank Homes Limited, has accused the immediate past Chairman of the National Electricity Regulatory Commission, Dr. Ransome Owan, of criminal breach of trust over his alleged refusal to submit the original title documents to a block of flats and a plot of land which he pledged as security for a N165,673.468.86 loan.
The bank said in spite of its repeated demands, Owan refused to surrender the original Certificates of Occupancy as well as the instruments of transfer given to him by the original allottee of one of the property.
The bank in a letter warned the former NERC boss against selling or divesting his interest in the two property to a third party, stressing that this would not only be fraudulent but would also amount to a criminal breach of trust.
It stated that it would do all within its powers to seek appropriate redress.
The letter read, “In spite of the bank’s repeated demands, you have refused, failed and neglected to surrender the original Certificates of Occupancy as well as the original instruments of transfer given to you by Modupe Ade, the original allottee of one of the property.
“We once more demand that you quickly make over to Finhomes all documents relating to the two property as these were the only securities used in taking the said loan.
We wish to remind you that any attempt to sell or divest your interest in these two property will not only be fraudulent but would also amount to a criminal breach of trust and the bank will do all within its powers to seek appropriate redress.”
Findings by GidiGlobe Team revealed that Finhomes’ position stemmed from a N126, 500,000 loan the former NERC boss obtained to purchase some property in Maitama, a highbrow part of Abuja in 2008.
According to the source, the bank had made it a fundamental term, among the conditions that it gave Owan before it accepted to grant him the loan, that he would hand over all documents related to the property to it to enable it to register the mortgage with the Abuja Geographic Information Systems to secure its interest and he accepted the condition in writing and without any form of protestation.
The creditor alleged that since Owan collected the money, he had refused to give the bank the documents or re-pay the debt in full, thereby living a debit balance of N165, 673, 468. 86 as at January, 2011.
Frustrated by the debtor’s refusal to submit the title documents or re-pay the debt in full, Finhomes recalled the facility, in line with another condition in the offer letter which Owan accepted before the loan was granted to him.
The former NERC boss could not be reached for comments as he did not respond to several calls to his GSM phone. Also, a text message sent to him did not elicit any reply.
The sms read, “Evening doc, I have a letter from Finbank homes in which it accused you of criminal breach of trust for not releasing title documents to two property you used as collateral for a loan. Can I have your reaction, please?”
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