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Court bars five firms from accessing N2.19 bln funds in 24 banks over debt to Union Bank

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Union Bank of Nigeria Plc has obtained an interim order of a Federal High Court in Lagos division to barred five companies from accessing their accounts totaling N2.19 billion in 24 banks.

The interim order following an application by Union Bank against Triton Aqua Africa Ltd, Bharat Ventures Ltd, Globus Resources Ltd, Seafood Products Ltd and Mr Ashvin Samtani in a bid to recover about N2.1 billion debt owed it by the companies.

Union Bank had on March 4, 2021, filed a motion ex-parte in the Federal High Court in an attempt to recover debt owed it by the companies.

Justice Oluremi Oguntoyinbo in his ruling on the suit FHCLCS/354/2021, said the interim order subsisted pending the hearing and determination of the Motion and Notice filed by Union Bank of Nigeria Plc.

READ THIS ALSO: Nigeria to raise N450-N540 bln in debt across three tenors in Q2~debt office

The judge also restrained the companies from disposing of their assets at 49 Apapa-Oshodi Expressway, Ijeshatedo, Lagos and 27, Inuwa Abdulkadir Road, Kakuri Industrial Layout, Kaduna South Local Government Area, Kaduna.

The judge stopped the five defendants in the interim ‘from dealing with any of the monies standing to their credit in custody or that may come to be in the custody of the 6th to 28th respondents up to the tune of N2,193,610,859.47 or its equivalent in any foreign currency, pending the hearing and determination of the Motion and Notice’.

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