By Innocent Anaba

LAGOS – Justice Pat Ajoku of a Federal High Court in Lagos has granted leave to Guaranty Trust Bank, GTB, to serve billionaire businessman, Chief Abdulazeez Alao Arisekola, court processes in the bankruptcy suit it instituted against him, by substituted means.

The court ordered that such documents be pasted at the gate of his usual or last known abode at Arisekola Villa, Oluwo Kekere Bashorun, Ibadan, Oyo State.

The order followed an ex-parte application argued by  Mr Norris Quarkers, counsel to the bank. The court also ordered that the bankruptcy petition, affidavit of truth of statement and any other processes that may be issued in the suit be served on the defendant by substituted means.

GTB, it would be recalled, had filed the suit against Arisekola, praying the court to declare him bankrupt over his alleged inability to repay N6.9 billion loan facility granted his company.

Meanwhile, Arisekola had denied owing the bank.

The bank also wants the court to direct that all assets, interests and holdings of Arisekola, either held personally or through third parties and privies be liquidated and the proceeds applied towards offsetting the debts.