The Federal High Court in Lagos has directed petroleum marketer Kehinde Elliot Ogbor and his company, Danium Energy Services Limited, to repay Union Bank Plc a total of N20.73 billion, marking a major development in a long-running debt dispute.

Justice Deinde Dipeolu, who delivered the judgment, also approved Union Bank’s request to take full possession of several prime properties linked to Ogbor and his company. The assets include a plot in Banana Island Foreshore Estate, another in Victoria Island, a residence in Ikoyi, and Danium Energy’s head office on Anifowoshe Street, Victoria Island.

Union Bank had approached the court seeking enforcement of a Memorandum of Settlement and a consent judgment issued in 2018, arguing that the defendants failed to uphold agreed repayment terms despite multiple contractual commitments.

Ogbor and his company challenged the bank’s claims, filing a counter-affidavit and counterclaim. They asked the court to void the previous settlement, alleging fraud, misrepresentation, and undue influence. They also demanded financial refunds and damages exceeding N42 billion and sought to halt the bank from acting on the debt.

They further argued that Union Bank did not meet one of the conditions in the 2018 agreement — assisting in unfreezing Danium’s accounts at the Economic and Financial Crimes Commission (EFCC).

After reviewing all filings and arguments, Justice Dipeolu dismissed the defendants’ counterclaims, ruling that they lacked merit. The court upheld Union Bank’s submissions, confirming the validity of the settlement documents and giving the bank the legal backing to recover the debt and dispose of the properties.

With the ruling, Union Bank now has full authority to take over the assets and proceed with recovery efforts through sale or any other lawful means.