Ecobank Loses Assets Worth Over N200 Million Over Debt
Asides not paying dividends to investors for about five years, Ecobank is also unable to pay its debts, ENigeria Newspaper reports.
Ecobank Plc, the bank that ‘fraudulently’ acquired assets of defunct ailing Oceanic Bank, is again swimming in perilous waters, according to ENigeria Newspaper findings.
Under the leadership of Patrick Akinwuntan, who recently retired as Managing Director, Ecobank Plc incurred massive losses and failed to pay dividends for several years until Jubril Mobolaji Lawal assumed control, ENigeria Newspaper reports.
On Tuesday, January 18, 2022 when ENigeria Newspaper suck for the bank’s own side of the story in a text message sent to its Head of Corporate Communications, Jide Sipe, he failed to respond till date, but while we work assiduously to conclude our investigation and file our report on the above subject; there are indications that the financial crisis currently rocking the Nigerian arm of Ecobank Plc is worsening and lately the bank has been unable to pay up its debts.
Recently, a Federal High Court in Abuja, presided over by Justice O.C Agbaza, has issued a warrant of execution against ECOBANK for failing to pay a debt of N218 million, 440 thousand, 766 thousand naira (N218, 440, 766) it owed.
It was gathered that the debt was owed Vision Kam Jay Investment Ltd (Applicant) by (1) the President of ECOWAS Commission, (2) The ECOWAS Commission (Respondent) and ECOBANK Plc (Garnishee).
Upon hearing the motion on notice with Motion No. M/7755/2020 dated 18/06/2020 and filed on the same day by the Judgment Debtors, brought pursuant to Order 43 Rules 1 (1) & (2) of the High Court of the Federal Capital Territory Abuja (Civil Procedure) Rules 2018 and under the inherent Jurisdiction of the Honourable Court, praying for reliefs set out in the face of the Motion Paper in Suit No. FJ/26/2019 filed by Vision Kam Jay Investment.
In Suit No. FJ/26/2019, the High Court of the Federal Capital Territory, Abuja, in judgements given on the 11th day of June, 2020, and the 1st day of December, 2020, respectfully awarded and made Absolute a Garnishee Order Nisi.
Dissatisfied, on the 2nd day of December, 2020 the Judgment Debtors Appeal to the Court of Appeal in Appeal No. CA/ABJ/CV/1075/2020.
The Appeal was heard on the Amended Notice of Appeal filed on 29th day of January, 2021; the Appellants’ amended brief filed on the same day but deemed as filled on 6th day of July, 2021; the Respondent’s amended brief filed on 19th day of July, 2021 and the Appellants’ reply brief filed on 28th day of October, 2021.
The Court of Appeal on the 17th day of February, 2021 dismissed the appeal against ECOBANK.
The Court of Appeal on the 26th of January 2022 dismissed the entire Appeal for lack of merit and blatant incompetence.
The High Court of the Federal Capital Territory Abuja carried out an Enforcement and levied Execution against ECOBANK the Garnishee under the Writ of Execution dated February 2, 2022.
The High Court of the Federal Capital Territory Abuja has impounded certain properties belonging to the lender at its regional head office, which is located at Plot 114 cadastral Branch, Ademola Adetokunbo Crescent Wuse 2, Abuja.
As provided by Section 29 of the Sheriff and Civil Process Act, the impounded properties shall be sold after 5 days.
So far, it’s unclear whether the newly appointed MD/CEO, Jubril Mobolaji Lawal has the magic wand to save the lender, but one thing is certain: Ecobank is in distress irrespective of the deceitful face it puts up and depositors and investors should be wary
Culled from: Enigeria
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