A federal high court in Abuja has made an interim order
freezing bank accounts of the Benue state government over its involvement in
securing a “N333 million loan” in 2008.
Inyang Ekwo, the presiding judge, gave the order on
Wednesday following an ex-parte motion brought by the Asset Management
Corporation of Nigeria (AMCON).
He also directed that the bank accounts of HPPS Multilink
Services Ltd, a firm, be frozen pending the hearing and the determination of
the substantive suit.
While AMCON is the claimant, the company and the state
government are first and second respondents, respectively.
According to the order, the affected bank accounts of both
respondents are domiciled in Access Bank Plc, Citibank Nigeria Limited, Eco
Bank Nigeria Plc, Fidelity Bank Plc, First Bank Nigeria Plc, First City
Monument Bank Plc, and Guaranty Trust Bank Plc.
Others include those in Heritage Bank Plc, Keystone Bank
Limited, Polaris Bank Limited, Stanbic IBTC Plc, Standard Chartered Bank
Nigeria Limited, Sterling Bank Plc, Suntrust Bank Nigeria Limited, Union Bank
of Nigeria Plc, United Bank for Africa Plc, Unity Bank Nigeria Plc, Wema Bank
Plc and Zenith Bank Plc.
The ex-parte motion, in suit number: FHC/ABJ/AMC/74/2021
dated and filed on September 30, was moved by Darlington Ozurumba, counsel to
AMCON.
In the affidavits in support of the suit, AMCON described
the loan as a toxic loan of eligible bank assets transferred to it by law to
recover.
AMCON told the court that the first respondent (the firm),
which has its office in Kaduna state, had collected a N333 million loan
facility from Bank PHB Plc (now Keystone Bank Ltd) on January 31, 2008 “for the
purpose of purchasing 5,000 pieces of motorcycles to the 2nd defendant and its
workers through the Nigeria Labour Congress of its state vide an irrevocable
standing payment order (ISPO)”.
“That the 2nd respondent is the state government of the
beneficiaries who equally gave ISPO guarantee for the repayment of the loan
through deduction from the salaries of its workers and make payment to the bank
but failed to do so,” the affidavit reads.
“That the loan was for the agreed period of 24 months at the
interest of 19 percent per annum.
“That the loan
granted to the respondents has crystalised to the sum of seven hundred and
eighty-four million, three hundred and forty thousand, five hundred and
twenty-eight naira, three kobo (N784,340,428.03) as at 2014 from the sum of
N333,000,000 (three hundred and thirty-three million naira) granted to the 1st
defendant in 2008 and guaranteed by the 2nd defendant as contained in the
letter of Aug. 15, 2014, which represents the interest and the principal sum as
at August 15, 2014, and same has remained unpaid till date.”
Ruling on the application, the court also made an interim
order “freezing and attaching the JAAC Bank Accounts (Joint Accounts Allocation
committee), Internal Generated Revenue Accounts, all bank accounts both
current, savings, fixed deposits and/or investments accounts of the 2nd
respondent (Benue Government) maintained with all the banks mentioned above pending
the hearing and determination of the substantive suit”.
“An interim order is hereby made restraining all banks
and/or other financial institutions above mentioned in Nigeria forthwith from
releasing or dealing in any manner howsoever with monies held in any account to
which the respondents are signatories pending the hearing and determination of
the substantive suit,” the judge said.
“An order is hereby made directing all banks and/or other
financial institutions in Nigeria to, within seven (7) days of the date of
service of this order, file and serve an affidavit of compliance disclosing
with statement on each account howsoever designated, held and/or maintained by
the respondents and all accounts to which the respondents are signatories for a
period of six months prior to the date of service of this order till date.”
The matter has been adjourned till November 2 for mention.
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