Court restrains firms from accessing N1.37bn in 24 banks

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A Federal High Court in Lagos, yesterday ordered Duport Midstream Company Limited, Platform Capital Investment Partners Limited, and their Managing Director, Akintoye Akindele, not to access N1.379 billion in 24 banks until a motion filed by Union Bank is resolved.

The judge, Justice Akintayo Aluko, issued the order after the bank’s lawyer, Temilolu Adamolekun, made a request.

 The 24 banks are the 4th to 27th respondents in the case.

The applicant bank claimed that the defendants owed it N1,379,400,918 as of June 30, 2023, and the court granted the ex parte application motion, Justice Aluko said: “It is, hereby, ordered as follows: “That an interim order of Mareva Injunction restraining the defendants from dealing with any of the monies standing to their credit in all of their accounts, records or howsoever, held with the 4th to 27th respondents and also their monies standing to their credit in the custody of the plaintiff up to the tune of N1,379,400,918 or its equivalence in any foreign currency pending the hearing and determination of the motion on notice is hereby granted.”

The court also ordered the banks to withhold any money, funds, or other financial instruments belonging to the defendants, in the amount of N1,379,400,918 or its equivalent in any foreign currency, that may be found in their possession.

It further directed the banks “to disclose on oath whatever sum of money that may be in their custody belonging to the defendants for further direction of this court is hereby granted.”

The judge postponed the case until September 13, 2023, for a motion on notice.