**Naija News: Court Dismisses $250,000 Loan Suit Against Okoya, Firm Over Time-Barred Lawsuit** In a recent judgment, the Lagos State High Court has struck out a $250,000 loan recovery suit filed by Dajo Oil Nigeria Limited against renowned businessman, Chief Razak Akanni Okoya, and his company, Rao Investment Property Company Limited. The court's decision was based on the Limitation Law of Lagos State, which states that a lawsuit must be filed within a specific timeframe. Justice O. Sule-Amzat, who delivered the ruling in Suit No: LD/S226GCM/2021, held that the suit, which was filed in 2021, was time-barred. This means that the court lacked the jurisdiction to entertain the matter, and the claims against Chief Okoya and his company were struck out. The suit was challenged by Chief Okoya through a preliminary objection, in which he argued that the originating processes filed by Dajo Oil failed to disclose any interaction or relationship between the claimant and the defendants. He further contended that there was no agreement or transaction executed by him that could establish any form of liability. Chief Okoya's team also submitted that the claimant failed to disclose any reasonable cause of action against him or his company. Additionally, they argued that the action was statute-barred, having been instituted more than twelve years after the alleged cause of action arose. This ruling serves as a reminder of the importance of timely legal action in Nigeria. It highlights the need for claimants to ensure that they file their lawsuits within the stipulated timeframe, as failure to do so can result in the dismissal of their claims. For Chief Okoya and his company, this ruling is a significant victory, as it clears their names of any liability in the matter. For Dajo Oil, this decision may serve as a wake-up call to revisit their legal strategy and explore other avenues for recovering their loan.