Court orders removal of bank’s properties over alleged debt

By IAfrica
In Nigeria
Aug 13th, 2014
0 Comments
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imageAn Akure High Court in Ondo State has ordered the execution of its judgment against the Enterprise Bank, formerly Spring Bank Limited, Akure, over a suit filed by Meens Nigeria Limited, a Plywood Processing factory in Ogbese, Akure North local government.

The firm had on June 11, 2009 approached the Court, claiming a sum of about N312m being an alleged uncredited forex inflows and unauthorised withdrawals from its current account by the bank.

In its judgement delivered on August 8,2012,the Court ruled in favour of Meens Limited, and ordered the bank to pay N293m at 10 percent interest per annum totalling about N338m.

However,sources said the bank refused to honour the directive and instead called for amicable settlement of the matter in its Lagos office.

It was learnt that the bank surprisingly filed a notice of appeal against the firm at the Appeal Court, Akure,but the Court in its judgement delivered on July 16 affirmed the ruling of the trial Court.

The Court consequently ordered that all properties belonging to the Enterprise Bank within its premises in Alagbaka, Akure should be removed and put in its custody pending the time the bank would be able to settle the debt it owed the Firm.

The Plaintiff’s Lawyers, Onimisi Umar and Segun Akanmode accompanied by police men from’ A’Division,Akure stormed the bank to execute the order of the Court.

The action totally paralysed normal operations at the bank as the gates leading to its premises were shut, while all Customers were turned back.

Valuables removed from the bank premises were three Giant Generators, 12 computer systems and about N4.5m cash raked on the counter which was deposited by customers shortly before the operation which lasted for about two hours.

All properties removed from the bank’s premises were reportedly kept in the custody of the High Court, Akure.

Efforts to speak with the bank’s officials were unsuccessful as they directed our correspondent to their corporate office in Lagos for comments.

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