The Federal High Court in Lagos has granted First City Monument Bank Limited (FCMB) authority to take possession of properties and assets belonging to Bankers Warehouse Limited, Vandt Investment Limited, and Victor Hammond.
The bank took over possession of the property on Thursday.
Delivering the ruling on 6 October, the judge, Chukwujekwu Aneke, directed the Inspector General of Police and the Commissioners of Police in Federal Capital Territory, Lagos State and and Kano State to protect FCMB’s appointed receiver, Nick Omeye, as he assumes control of the assets, which were pledged as security for a facility granted by the bank and guaranteed by Mr Hammond.
The court order allows police protection to ensure the plaintiffs can take possession of the defendants’ properties and assets pending the determination of the suit.
The plaintiffs in the suit are First City Monument Bank Limited and Mr Omeye.
According to a certified true copy of the court order dated 7 October and shared with PREMIUM TIMES on Thursday, FCMB approached the court to seize multiple properties and freeze accounts linked to a N4.1 billion loan.
Prayers
In a motion ex-parte filed on 15 August, the bank asked the court to direct the Inspector General of Police or Commissioners of Police in Lagos, Kano, and the Federal Capital Territory to protect its appointed receiver during the takeover.
The properties include Bankers Warehouse Limited’s landed property at No 15 Karimu Kotun Street, Victoria Island, Lagos; Vandt Investment Limited’s property at 12C Bompai Road, Kano; and another property at Plot 715, Gwarimpa Cadastral Zone CO2, Abuja.
FCMB also sought to seize vehicles, plants, and machinery listed in the Deed of Fixed Debenture dated 3 July 2013.
The bank asked the court to issue a Mareva injunction restraining the 4th to 22nd respondents, including Guaranty Trust Bank Plc, Zenith Bank Plc, Fidelity Bank Plc, Polaris Bank Ltd, Stanbic IBTC Bank Plc, Keystone Bank Ltd, Sterling Bank Plc, United Bank for Africa Plc, Union Bank Plc and Globus Bank Ltd.
Others are First Bank of Nigeria Ltd, Wema Bank Plc, Citibank Nigeria Limited, Standard Chartered Bank, Parallex Bank Ltd, Access Bank Plc, Ecobank Nigeria Ltd, Unity Bank Plc, and Providus Bank, from transferring, dealing with, or disposing of N4,118,921,618.53 or any amount linked to Bank Verification Number (BVN) 22153739327 belonging to Mr Hammond until the court determines the suit.
The motion is supported by a 33-paragraph affidavit deposed to by Godspower Igwe, a staff member of FCMB, with attached exhibits and a written address signed by D.D. Duru.
FCMB’s lawyer S.O. Uzuh, appeared for the plaintiffs in court.
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Ruling
The court orders cover the second defendant’s property at Victoria Island, the first defendant’s properties at Kano and Abuja, and all vehicles, plants, and machinery listed in the fixed debenture.
Mr Aneke further restrained the banks from transferring or dealing with the N4.1 billion linked to the first and third defendants and directed them to disclose on oath within 14 days the total funds held for the defendants. The suit was adjourned till 20 October, for mention.
