AGRICULTURAL DEVELOPMENT BANK V. LILYGOLD ENERGY RESOURCE LTD & MOHAMMED A. BAANTIMA

JUDGMENT

The Plaintiff is a corporate body registered under the laws of Ghana and engages in the business of banking.

The 1st Defendant is a limited liability company incorporated under the laws of Ghana and engages in the business of the procurement of stocks of refined petroleum products for sale. The 2nd Defendant is a businessman and a Director of the 1st Defendant.  

By a facility letter dated 25th March 2020, the Plaintiff granted a loan facility of GHS5,000,000.00 to the 1st Defendant for the exclusive purpose of procuring stocks of refined petroleum products for sale at its fuel states and other third-party marketing outlet. The loan facility was for a period of twelve (12) months.

It is the case of the Plaintiff that the 1st Defendant has failed to liquidate the outstanding balance after several notifications and reminders to do same. As of 31st January 2022, the total indebtedness and accrued interest stood at GHS5,152,362.29.

Thus, the Plaintiff commenced the instant action by i…