Court Freezes All Aliko Dangote Accounts In 20 Nigerian Banks

Date: 14-01-2015 11:22 am (9 years ago) | Author: Daniel Bosai
[1] 2
- at 14-01-2015 11:22 AM (9 years ago)
(m)
A Federal High Court has freezed the bank accounts belonging to Sani Dangote the Vice President of Dangote group and owner of Dansa Foods, in 20 banks over bad debt.Union Bank brought the case against Dangote,whose brother Aliko is regarded as Afrca’s richest man according to Forbes world billionaire list.



Union bank brought the against Dangote, alleging that the businessman is owing it about N5 billion.However, other banks showed interest in the case because Mr. Dangote is also owing them. Justice Okon Abang said all accounts belonging to Dangote should be incapacitated pending the hearing of the suit on September 11, 2014.

The banks are Access, CITI, Diamond, Ecobank, Enterprise, Fidelity, First Bank, First City Monument Bank (FCMB), Guaranty Trust Bank (GTB), Heritage, Keystone, Mainstreet, Skye Bank, Stanbic IBTC, Standard Chartered Bank, Sterling, United Bank for Africa (UBA), Unity, Wema and Zenith.

Justice Abang, however, ordered Union Bank to file undertaken to indemnify the defendants in the event that the freezing order ought not to have been made.

“In line with Order 28 rule 2 of the rules of this court, an interim order is hereby made restraining the banks from allowing the defendants to operative their accounts with them especially honouring withdrawal of funds.

“I think the dictate of justice demands that a preserving order should be made to preserve the res (subject matter) of this suit,” Justice Abang held.

Union Bank had sued Dangote and his companies over alleged failure to liquidate about N5 billion debt despite repeated demands.
sani Dangote


Quote
The bank, in two separate suits against Dangote and his companies, had sought an order of mareva injunction restraining all commercial banks in Nigeria from allowing withdrawal of funds from their accounts pending the determination of the suits.

When the matter came up for hearing on Thursday, the motion could not be heard as the defendants had filed objection challenging the jurisdiction of the court to entertain the suit.

Two out of all the banks, Diamond and Zenith banks appeared before the court on and explained that Dangote was equally indebted to them.

Zenith Bank specifically said Dangote was indebted to the bank to the tune of €7 million Euros

However while stating that he would entertain all the applications filed in the matter on September 11, Justice Abang said there was an urgent need to preserve the res in view of the allegation that the  defendants were about to move the funds abroad.

Union Bank, in the suits, alleged that 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 investigation had revealed that the defendants had started diverting the funds to Dubai in United Arab Emirates (UAE), Canada and Switzerland.

According to two separate affidavits in support of the suits deposed to by one Olufunmilola Ayoola, an official of the bank, it was 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.

Ayoola further averred that Union Bank was 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.

The bank stated that the funds which Sani and his companies failed to pay, were capable of going a long way in impacting positively on the nation’s economy.

According to the processes, the bank in September 2008, granted the defendants N5.2 billion.

The breakdown of the loan was given as follows; N500 million overdraft, N500 million advert loan, $2.5 million equipment lease, $2.5 million sales and lease back and $30 million import finance.

Ayoola recalled that when the defendants could not fulfil the promise of paying back the credit facilities from time to time, the bank approved the restricting of the loan, despite that development, Dansa Foods was indebted to the bank to the tune of N4.003 billion as at November 29, 2012.

The loan was later reduced to N3.477 billion, but despite repeated demands, the defendants failed to liquidate the debt.

Bulk Pack, on the other hand, as at date, is indebted to the bank to the tune of N745.145 million


Posted: at 14-01-2015 11:22 AM (9 years ago) | Addicted Hero
- Ken1230 at 14-01-2015 11:32 AM (9 years ago)
(m)
Dangote is using the masses money to claim the riches Nigeria..
Posted: at 14-01-2015 11:32 AM (9 years ago) | Gistmaniac
Reply
- morgrawl231 at 14-01-2015 11:38 AM (9 years ago)
(m)
This is serious! So the rich also cry,,,,,,
Posted: at 14-01-2015 11:38 AM (9 years ago) | Hero
Reply
- Larry28 at 14-01-2015 11:44 AM (9 years ago)
(f)
Chai
Posted: at 14-01-2015 11:44 AM (9 years ago) | Hero
Reply
- echeeche at 14-01-2015 12:11 PM (9 years ago)
(m)
Then tell me why they will not be supporting oga jona to win come next feb.
Posted: at 14-01-2015 12:11 PM (9 years ago) | Hero
Reply
- sweetypweety at 14-01-2015 12:29 PM (9 years ago)
(f)
Y do rich pple refuse to pay back loans? It doesn't make u poor to return what u borrowed.
Posted: at 14-01-2015 12:29 PM (9 years ago) | Gistmaniac
Reply
- femjay at 14-01-2015 12:41 PM (9 years ago)
(m)
Quote from: Ken1230 on 14-01-2015 11:32 AM
Dangote is using the masses money to claim the riches Nigeria..

You can said that again ................
Posted: at 14-01-2015 12:41 PM (9 years ago) | Gistmaniac
Reply
- kejguv at 14-01-2015 12:50 PM (9 years ago)
(m)
all these wealth are from bank loans

Posted: at 14-01-2015 12:50 PM (9 years ago) | Gistmaniac
Reply
- Ritabrenice at 14-01-2015 01:18 PM (9 years ago)
(f)
C gbege
Posted: at 14-01-2015 01:18 PM (9 years ago) | Gistmaniac
Reply
- TABONTE at 14-01-2015 01:49 PM (9 years ago)
(m)
GOD DON CATCH UNA
Posted: at 14-01-2015 01:49 PM (9 years ago) | Upcoming
Reply
- proly at 14-01-2015 02:00 PM (9 years ago)
(f)
Nsogbu
Posted: at 14-01-2015 02:00 PM (9 years ago) | Hero
Reply
- dareper at 14-01-2015 02:33 PM (9 years ago)
(m)
He is owning every bank in this country. And am sure  he is using the money to finance hausa terrorist.
Posted: at 14-01-2015 02:33 PM (9 years ago) | Hero
Reply
- Adbb at 14-01-2015 04:16 PM (9 years ago)
(m)
Nigerians are very funny the post clearly stated Sani dangote not Alico dangote. For those that know capitalism is the art of using other peoples money and time to enrich ones self.
Posted: at 14-01-2015 04:16 PM (9 years ago) | Upcoming
Reply
- zoe61 at 14-01-2015 05:02 PM (9 years ago)
(f)
 Shocked Shocked Shocked
Posted: at 14-01-2015 05:02 PM (9 years ago) | Hero
Reply
- Gedens at 14-01-2015 06:58 PM (9 years ago)
(m)
Make all these Banks go joor. Make dem borrow poor Man money make he take do business dem go say NO.
Posted: at 14-01-2015 06:58 PM (9 years ago) | Upcoming
Reply
- ajanni at 14-01-2015 07:47 PM (9 years ago)
(m)
but why puting aliko fdangote,s picture?
sanni no get picture of his own?
Posted: at 14-01-2015 07:47 PM (9 years ago) | Grande Master
Reply
- Flozywhite at 14-01-2015 08:20 PM (9 years ago)
(f)
sani dangote, go tell yuor brother alico dangote say you tell big mess make he borrow you money to pay the debt.
Posted: at 14-01-2015 08:20 PM (9 years ago) | Upcoming
Reply
- mensch at 14-01-2015 08:27 PM (9 years ago)
(m)
i have said it before,
i will say it again.
95% of the most rich people are criminals
Posted: at 14-01-2015 08:27 PM (9 years ago) | Gistmaniac
Reply
- otagermo at 14-01-2015 08:58 PM (9 years ago)
(m)
After some Bingo here go say Jonathan node fight corruption... Fools.
Posted: at 14-01-2015 08:58 PM (9 years ago) | Gistmaniac
Reply
- garlandgoings at 14-01-2015 09:06 PM (9 years ago)
(m)
So Sani Dangote is owing, what has that got to do with aliko dangote... why is his picture even here as if he is the one owing. 
Posted: at 14-01-2015 09:06 PM (9 years ago) | Newbie
Reply
[1] 2

fire TRENDING GISTS fire

TODAY'S TOP
  1. Repentant Boko Haram Member Enlisted Into Nigerian Army Slits Woman’s Throat In Enugu Barracks

  2. Eniola Aluko Breaks New Ground As First Black Woman To Own An Italian Football Club

  3. Lessons From Comedian, Ayo Makun & Estranged Wife, Mabel's 15-Year Marriage Crash

  4. Abia Widow Appeals For Protection Against Threats From Imprisoned Brother-in-Law

  5. Hotel Manager,Achimugu James Etubi Allegedly Beaten To Death By Nigerian Army Personnel In Abia

  6. Tensions Escalate As US & UK Forces Engage Iranian Drones Over Middle Eastern Skies

  7. Nigerian Striker, Victor Osimhen Set For Major Move To PSG With €120 Million Transfer Fee


THIS WEEK
  1. Shock As Video of Woman $exually Abusing A Child Goes Viral; Lagos Authorities Seek Perpetrator

  2. Nigerian Gov.t Nears Extradition Of Binance Executive Involved In $35.4M Money Laundering

  3. Tears Flow As Beautiful Lady Dies After Alleged Poisoning At Shop Opening Party (Video)

  4. Brutal Child Abuse Incident Captured On Video Prompts Nationwide Outcry (Watch With Caution)

  5. Edo Police Commissioner Orders Trial Of Officer Threatening Civilians With AK-47 In Viral Video

  6. BREAKING! Nigerian Activist, Fawaz Alabi Drowns At Ibeshe Beach In Lagos

  7. 16-Year-Old Maid Arrested For Poisoning Plot Against Employer's Family (Video)

  8. Video of Regina Daniel's Mother Appeasing The Water Spirits At Anam River Sparks Reactions

  9. “Davido Does Not Have Long Life....." - Ghanaian Prophet Issues Stark Warning To Davido (Video)

  10. "He Refused Life Jacket" - Boat Driver Reveals New Details In Junior Pope's Tragic Incident


TOP MEMBERS: