A Federal High Court in Lagos has ordered 20 commercial banks in Nigeria to dishonour all withdrawal cheques from Mr. Sani Dangote, younger brother to Alhaji Aliko Dangote, and his companies, Dansa Foods Limited and Bulk Pack Services Limited.
Union Bank had taken Dangote and his companies to court over alleged refusal to liquidate about N5.2bn loan granted them since September, 2008.
One Olufunmilola Ayoola, an official of the bank, who deposed to the bank’s affidavit, alleged that the failure of the defendants to liquidate the monumental debt had negatively affected the Nigerian economy, a development which the bank claimed necessitated the suit.
According to Ayoola, Union Bank Plc has been having difficulty in extending credit facilities to small scale businesses, which in turn would have helped in boosting the nation’s economy and salvage the country from its present malaise of corruption and underdevelopment crisis.
The bank stated that the funds, which Dangote and his companies failed to pay, were capable of going a long way in impacting positively on the nation’s economy.
When the matter came up for hearing on Thursday, the motion could not be heard as counsel for the defendants informed the court that they had filed objections challenging jurisdiction of the court to entertain the suit.
Out of all the banks, Diamond and Zenith appeared before the court on Thursday and explained that Dangote was equally indebted to them.
Zenith Bank specifically said Dangote was indebted to the bank to the tune of €7m.
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