Ismaila Isa Funtua's Bulet construction dragged to court over N7bn unpaid loans

An FCT High Court has granted a prayer preventing Bulet Construction Company, owned by popular businessman, Alh. Ismaila Isa Funtua, from diverting N3bn approved for it by the Ministry of Foreign Affairs to any account other than the one it maintains currently with Unity Bank. The company was dragged to court following its non-payment of due loans amounting to nearly N7bn owed the bank. Alh. Funtau is one of the company's four directors who stood as guarantors to the loan. The other three directors are Engr. Kraytcho L. Nikolov, Engr. Dimitar Kraer and Alh. Lawal I. Isa. Also several choice properties which were the securities to the loans will likely be sold off by the bank should Bulet fail to make good on the loan. The properties are: Plot 1088, Cadastral Zone AO1, Kaura Namoda Street, Garki Area 3, Abuja; Plot NO. 1760, House No. 17, Malcom Fraser Street, Off Jimmy Carter Street, Cadastral Zone AO4, Asokoro; Plot No. 1759, House 15, Malcom Fraser Street, Off Jimmy Carter Street, Cadastral Zone AO4, Asokoro, Abuja and Plot 909, Agatu Close, Off Gimbiya Street, Garki, Area 11, Abuja. At the Suit No FCT/HC/CV/4620/13 motion hearing presided over by Hon. Justice Peter O. Affen, the Defendant’s counsel, Shareef Mohammed had asked for an adjournment, pleading that they were briefed only on Wednesday and needed time to go through documents from their client and were not ready for the hearing motion. Unity Bank’s counsel, I. M. Yamah thereafter responded that they were not against the adjournment but prayed that the judge should grant a motion that the status quo should be maintained pending the adjourned date. The counsel further explained that the status quo was that the sum of N3bn approved for Bulet in the 2013 budget should be paid into their account domiciled with Unity Bank or put same to any other use than paying the plaintiff. Counsel to the Defendant raised no objection to the prayer and based on the mutual consent of the counsel, all parties agreed that the said status quo should be maintained pending the hearing and determination of the motion on notice.  The judge granted the prayer of the plaintiff and also asked that the case be adjourned to October 7, 2013 and that the file should be returned to the Central Registry for assignment by the honorable Acting Chief Judge upon resumption from vacation.