The inability to offset its debt has forced a law firm to take possession of TSTV Abuja headquarters.
The West African Business Platform Ltd., a law firm, has taken possession of the Abuja Headquarters office of Telcom Satellite Ltd. Television (TSTV) due to its inability to pay its rent, Premium Times has reported.
It was gathered that the property was taken over on Tuesday following the judgment entered in favour of the plaintiff by Justice Yusuf Halilu of the FCT High Court in Nov. 2019.
Officers from the Execution Unit of the FCT High Court, including four police officers, were stationed in the premises during the takeover.
The law firm through its principal, Raphael Adakole, had filed the suit in 2018 with No. CV/2739/18 against the television company and its Abuja Managing Director, Bright Echefu.
Filing of the suit was due to the inability of the television company to meet up with the tenancy agreement entered between the plaintiff and defendants on May 1, 2017.
The law firm had particularly sought the order of the court to declare that the tenancy agreement between the plaintiff and defendants had elapsed by effluxion of time.
It also prayed the court for an order directing the defendants to give up vacant possession of all the five storey building of the office complex together with its appurtenances, fixtures and fittings thereof.
An order of the court directing the defendants to restore and reinstate the property of the plaintiff to a tenantable and good condition to the satisfaction of the plaintiff was outlined in the tenancy agreement.
The suit also contained an order of the court mandating the defendants to pay to the plaintiff the sum of N20, 833, 333, being the profit from May 1, 2018 to Sept. 2018.