TIGER FORCE MICROFINANCE LTD. vs. KOFI ANNAN SAMSON [2018]DLHC3500

Date	2018-01-15
Suit No.	SUIT NO.MISC/0092/17
Citation No.	[2018]DLHC3500

HIS LORDSHIP ERIC KYEI BAFFOUR JUSTICE OF THE HIGH COURT

[2018]DLHC3500
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													<main id="main" class="content" style="min-height: 60rem" ><a name="OLE_LINK1">TIGER FORCE MICROFINANCE LTD.<o:p></o:p></a>vs.<o:p></o:p>KOFI
ANNAN SAMSON<o:p></o:p>[HIGH COURT
(COMMERCIAL DIVISION), ACCRA]<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
padding:0in 0in 1.0pt 0in">

SUIT
NO.MISC/0092/17&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp;DATE: 15TH JANUARY, 2018<o:p></o:p>

</div><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-font-kerning:0pt;mso-ansi-language:
EN-US;mso-fareast-language:EN-US">CORAM:<o:p></o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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<p class="MsoNormal" style="line-height:115%;mso-pagination:widow-orphan;
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border:none;mso-border-bottom-alt:solid windowtext 1.5pt;padding:0in;
mso-padding-alt:0in 0in 1.0pt 0in">HIS
LORDSHIP ERIC KYEI BAFFOUR JUSTICE OF THE HIGH COURT<o:p></o:p>

</div><span style="font-size:12.0pt;line-height:115%;font-family:&quot;Book Antiqua&quot;,&quot;serif&quot;;
mso-fareast-font-family:&quot;Book Antiqua&quot;;mso-font-kerning:0pt;mso-ansi-language:
EN-US;mso-fareast-language:EN-US"><o:p>&nbsp;</o:p><div style="mso-element:para-border-div;border:none;border-bottom:solid windowtext 1.5pt;
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RULING<o:p></o:p>

</div>Before the court is a motion on notice for a warrant
to possess and realize a charged landed property of three–storey building
situate at Dome Kwabenya that the Applicant claim was used as security to
secure a loan of Gh¢74,000.00. The application has been mounted under sections
33(b) and 34(2) of the Borrowers and Lenders Act, 2008, Act 773. The Applicant
claiming to be a microfinance institution registered and licensed under the
laws of Ghana to engage in the business of lending, states in an affidavit
sworn to by one Dennis Adjabeng, a lawyer in the firm of Cromwell Gray, LLP
that per a loan agreement dated the 23rd of January, 2013 the
Applicant disbursed an amount of Seventy-Four Thousand Ghana Cedis (Ghc74,000.00)
to the Respondent as a loan payable within a period of six months with the
interest rate of Ghc5,920.00 per month.<o:p></o:p><o:p>&nbsp;</o:p>Applicant further claim that the loan granted the
Respondent was secured with a landed property at Dome Kwabenya and the said
security was registered with the collateral Registry of the Bank of Ghana under
the Borrowers and Lenders Act, Act 773. The Applicant notes that Respondent
failed to repay the loan on due date and same was restructured for him.
Respondent however again failed to abide by the restructured loan agreement
causing Applicant to write to demand for the repayment of all the outstanding
loans. The Respondent, according to Applicant undertook to settle the loan but
has reneged on that undertaking and is currently indebted to the Applicant in
the sum of One Million Four Hundred and Fifty Four Thousand Six Hundred and
Fifteen Cedis Nineteen Pesewas (Ghc1,454,615.19).<o:p></o:p><o:p>&nbsp;</o:p>To Applicant with Memorandum of no objection obtained
from the Bank of Ghana to realize the charged property it seeks before the
court a warrant to possess the property and a further order for Police
assistance to take peaceful possession.<o:p></o:p><o:p>&nbsp;</o:p>Respondent has fiercely resisted the application for
warrant to possess his property in the affidavit deposed in opposition to the
application and a supplementary affidavit filed. In the affidavit deposed to on
the 28th of June, 2017 he concedes that he took a loan from
Applicant and had made payments which does not reflect in the statement of
account furnished him by the Applicant. He again contested the flat charge of
Gh¢400.00 as default charge which was not part of the terms of the agreement
and accordingly called for a reconciliation of accounts.<o:p></o:p><o:p>&nbsp;</o:p>However, there seems to have been a volte face in the
supplementary affidavit in opposition filed on the 20th of November,
2017. Respondent contend that Applicant is unknown to him as he once entered
into a loan agreement for an amount of Gh¢15,000.00 with an entity called Tiger
Force Consultancy Ghana Ltd and that this entity is separate and different from
the Applicant who is making a claim against him as he states that his searches
at the Registrar General’s Department prove so. To Respondent any loan
agreements he might have signed were all signed with Tiger Force Consultancy Ghana
Ltd and applicant is unknown to him. He further contends that the loan
agreements he signed with Tiger Force Financial Consult and Tiger Force
Consultancy Ghana, these entities had no capacity and legal authority to grant
loan to him and charge interest.<o:p></o:p><o:p>&nbsp;</o:p>Besides he claim not to have signed any mortgage
agreement with Applicant for his house to have been used as security. And any
claim of his house having been used as security is nothing but fraudulent. He
further depose in support of his fraud allegation that one Mahoney Smith whose
name appears as the witness is unknown to him. For the facts deposed to, he
concludes that the Applicant is not entitled to the claim for warrant to
possess his landed property.<o:p></o:p><o:p>&nbsp;</o:p>Sections 33(b) and 34(2) of the Borrowers and Lenders
Act, Act 773 states as follows:<o:p></o:p>“