Few weeks after three of his vehicles were seized over judgement debt obtained against him by Oranto Petroleum, owned by Prince Arthur Eze, Senator Andy Uba has promised to make payment of N1 million every month until he defrays the N50 million loan.
This is after he made N2 million part payment to show good faith to pay back the said loan and to avoid further embarrassment.
Oranto Petroleum had recently executed a judgment delivered by a High Court in Anambra State against Uba.
The court had ruled that since the former senator did not pay back the alleged N50 million loan granted him by Prince Eze through Oranto Petroleum, his property should be confiscated.
Following this, court officials and policemen stormed the Asokoro, Abuja home of Uba and took away three of his vehicles.
In an affidavit on the method of payment of the loan, where he also stated how he got the N50 million from the plaintiff earlier considered as donation, Uba said going by the state of the economy, he could only pay by instalment.
In a 41-paragraph affidavit sworn to by himself, Uba said he would face financial restraint and extreme hardship if compelled to pay the total judgment debt of N50 million at once.
He said the dwindling economy of the country had placed him in a poor financial position and that he could not pay the debt completely as a whole.
Uba, in his motion with the supporting affidavits, is seeking an order of the court to stop further execution of the judgment of the court which had earlier been carried out by men of the enforcement unit of the High Court of the Federal Capital Territory Abuja.
Uba had earlier, in his defence in court, claimed that the soft loan granted to him by the creditor was a donation for his campaign, which the Presiding Judge at the High Court in Ekwuloba, Anambra State dismissed on the grounds that the defendant did not bring any convincing evidence.
Meanwhile, Oranto Petroleum Ltd, has further filed a motion seeking order of the court to auction the vehicles recovered from the residence of Senator Uba.
The motion is to be heard by the court this September.
