A Federal High Court in Lagos on Thursday restrained twenty commercial banks in Nigeria from honouring any withdrawal cheque from Sani Dangote, younger brother of the richest black man, Aliko Dangote and his companies, Dansa Foods Limited and Bulk Pack Services Limited.

The restraining order, according to the trial judge, Justice Okon Abang, is to be in force until September 11, 2014 when all applications filed in a suit brought by Union Bank against Dangote and his companies .

The judge also ordered all the banks involved to, within five days of the interim order, file affidavits declaring the defendants statement of accounts with them.

Union Bank had taken Dangote and his companies to court over alleged refusal to liquidate about N5.2bn loan granted them since September, 2008.

The bank, through its lawyer, Mr. Chukwudi Enebeli from the chambers of Mr. Kemi Pinheiro (SAN) had instituted suits seeking an order of mareva injunction to restrain all the defendants’ banks in Nigeria from allowing them withdraw funds from their accounts pending the determination of the suits.

The banks named are  Access, CITI, Diamond, Ecobank, Enterprise, Fidelity, Keystone, Mainstreet, Skye, Wema, Heritage, Sterling, Unity and Zenith Banks.

Others are  First Bank, First City Monument Bank, Guaranty Trust Bank, Stanbic IBTC, Standard Chartered Bank and United Bank for Africa.

In the affidavits in support of its suits, Union Bank Plc urged the court to urgently grant the mareva order  because in a bid to evade payment of the loan, Dangote has been making frantic efforts to deplete the funds in the accounts of his companies, and that the bank’s investigations revealed that the defendants had started diverting the funds to Dubai in the United Arab Emirates, Canada and Switzerland.

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 suits.

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 under development crisis.

Read more @ http://newsnownigeria.com.ng/shocking-court-freezes-dangotes-accounts-in-20-banks/

very bad dangote

but he is still dangote

Dangote is a thief......

Thats non of my business

Sani, 5.2b is small now. Why you dey fall that your famous surname now?
that is what we say. When you owe banks in the millions, you're in trouble, when you owe them in billions, they are in trouble.
AMCON practically begged and negotiated with Femi Otedola before he liquidated his over #150 billion debt.
God, I must be rich even if for rich sake. The system is carved by and for the rich. This case will be soon settled out of court when powerful oligarchs wade in.

That reminds me, I came across this interesting post about the secret of Dangote's wealth. Read it Here. Trust me, everyone needs to read it.

Whats 5.2 billion to a 'Dangote'
Abeg send am to motherless babies home

aite

He should tell his elder brother to help him. Shikena

Too bad

lekkie073: Dangote is a thief......

Which of them?

aw does dis concern me?

Oh, so dem loan am 5.2 billion naira because the dude na Dangote bros, yet dem no gree borrow we wey wan do Agric business 100,000 abi? Diaris Godu o

So nor be only me this guy dey owe?Hand don catch am

Foolish banks, because he his the brother of Dangote,they did not collect collateral from him more than what he wants to loan.If someone wants to loan #500000,they will ask him to present a collateral that is worth #5000000 & they will go & do charm so that d fellow will not be able to pay d money & they immediatly take over whatever he presents as collateral. Thunder fire there yansh

I dey cum

Na so craze dey start.

Who is this MOD that can't punctuate FP topics correctly? I have seen instances of such in recent times. If you don't know, a comma (,) could be all what one needs to make meaning of an expression.

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Dangote's Brother, Sanni's Account...

so?

Since the post is misleading, lets read the latest on Oyakhilome. Oyakhilome's daughter's bikini party is what's trending now. Read the gist HERE

dat is wat Igbo man calls Ego

ok

let justice take its course, the equation should be balanced

#SerialDefaulter #Serial Borrower.....Typical of the Nigerian Elite. It's a pre-requisite for joining the league of the Nigerian Upper Class

Billionaire Dangote wil bail his broda out soon..

.

misleading

> Chai! Na only ma guy waka come? Diaris GoD ooo