UBA Seeks Contempt Proceedings Against Wempco Directors Over Alleged Court Order Disobedience
UBA filed for substituted service of Form 49 on nine Wempco directors in the Federal High Court case UBA v. Wempco.
In Brief
- •UBA filed for substituted service of Form 49 on nine Wempco directors in the Federal High Court case UBA v. Wempco.
- •The court granted the application, allowing the directors to be notified and required to show cause against potential prison committal.
- •The case follows a Mareva injunction and receiver appointment over Wempco assets after the bank recovered N61.45 billion owed by the company.
- •Counsel alleged that Wempco directors and staff attempted to disobey the court order.
- •The proceedings aim to determine whether the directors should be committed to prison for contempt.
Why It Matters
The move underscores the judiciary’s willingness to enforce court orders in high‑value banking disputes, reinforcing legal accountability for corporate directors. It also highlights the financial stakes involved, as UBA seeks to recover a debt exceeding N61 billion, a significant sum for both the bank and the broader Nigerian economy.
Key Details
- Total Debt Owed
- N61,445,695,993.76
- Number of Directors Named
- 9
- Court Granted
- Substituted Service of Form 49
- Case Name
- UBA v. Wempco
- Court
- Federal High Court (Justice Aluko)
- Order Type
- Mareva Injunction & Receiver Appointment
Context & Background
The Federal High Court, presided over by Justice Aluko, has previously imposed a Mareva injunction and appointed a receiver over Wempco assets following the company’s indebtedness to UBA.
Original Reporting & Sources
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