N61 billion mortgage: UBA asks courtroom to jail 9 WEMPCO-linked people

United Bank for Africa (UBA) Plc has requested the Federal High Court in Lagos to jail 9 folks linked to Western Metal Products Co. (WEMPCO), accusing them of forcing a court-appointed receiver out of the group’s metal plant in Ogun state.

The software is the most recent step within the financial institution’s drive to get better N61.45 billion the economic group allegedly owed.

The committal discover was revealed in a nationwide day by day Tuesday underneath an order permitting service by newspaper.

It accuses the respondents of “wilful, deliberate and orchestrated disobedience” of an April 2 order and asks that they keep in jail till they comply.

Those named are Lewis Shui Noor Tung, Phillip Shui Che Tung, Alhaji M.A. Ola Yusuf, Tung Lawrence Blake, Alli Aare Hadji Tokunbo, Paul Shui Po Tung, Robert Tung, CL Ip and Taiwo Alli, all listed at 18 Wempco Road, Ogba, Ikeja.

Nigerian Enamelware Co. Plc, listed on the Nigerian Exchange, is one in every of 17 defendant corporations. Robert Tung sits on its board.

On April 2, Justice Akintayo Aluko froze as much as N61.45 billion of WEMPCO-linked funds throughout 27 banks and fintechs. He additionally appointed Romeo Ese Michael receiver-manager over belongings not already pledged underneath a 2019 credit score settlement.

In its affidavit, UBA alleges that after bailiffs handed over the Magboro/Ibafo plant, the respondents introduced in thugs, broke the receiver’s locks and threatened his workers with “serious injury.”

It says they saved working the enterprise and diverting its funds. None of the allegations has been examined in courtroom, and WEMPCO’s response was not instantly obtainable.

The courtroom papers additionally present failed talks. On June 22, WEMPCO‘s attorneys, led by Dapo Akinosun, SAN, requested UBA for an pressing assembly, proposing an interim standstill, a joint reconciliation of accounts and “a structured framework for repayment.”

UBA’s lawyer, Temilolu Adamolekun, SAN, replied the subsequent day. He questioned how an organization “deploying physical violence on ground and resorting to self-help” might search dialogue, however agreed to satisfy.