GTBank has lost a debt case amounting to N970 million against MKO Abiola's son, RCN Networks.
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GTCO Plc has reached a 52-week high as its stock price increases to N38.5 per share.
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The Court of Appeal in Lagos has overturned a 2014 ruling by the Federal High Court, which had supported Guaranty Trust Bank Plc's claims for an outstanding debt of N970 million against RCN Networks Ltd and Agboola Abiola, who is reported to be one of the sons of the late MKO Abiola.
Justice Paul Bassi of the Appeal Court annulled the judgment of the trial court, which was related to a supposed contractual agreement made between the involved parties through the Deed of Tripartite Legal Mortgage dated August 15, 2012, concerning Abiola's property.
A Deed of Tripartite Legal Mortgage is a legal agreement involving three parties: a borrower, a bank, and a third party.