18 October 2012

Nigeria: Appeal Court Stops Contempt Proceedings Against FCMB, Others

THe Appeal Court, Lagos Monday restrained a Federal High Court, sitting in Lagos from hearing a contempt proceeding filed against First City Monument Bank Plc, its Managing Director and two of its directors over their alleged refusal to pay a judgment debt of N6.8 billion in a case instituted by Hensmor Nigeria Limited.

In an ex-parte motion filed by the bank pursuant to Section 15 of the Court of Appeal Act, 2004, it urged the appellate court to restrain the trial judge, Justice O. E. Abang from further exercising any judicial power whatsoever in respect of the committal proceeding against the bank and the directors.

Already, the appellate court has fixed tomorrow, October 18 for the hearing of the motion.

Justice Abang had in a judgment delivered on December 2, 2011 ordered, NIMASA's bank, FCMB, to pay N6,841,108,152.05k. Hensmor Ltd. as a judgment debt.

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