₦61.4bn Debt: Court Grants UBA’s Bid To Serve Contempt Notices On WEMPCO Directors

The Federal High Court has granted an application by United Bank for Africa (UBA) Plc for substituted service of contempt notices on directors of WEMPCO over alleged disobedience of a court order in a debt case involving ₦61.4 billion.

The application, granted by the court presided over by Justice Aluko, concerns Form 49, a notice requiring alleged contemnors to show cause why they should not be committed to prison for allegedly disobeying a court order.

The directors named in the proceedings are Lewis Shui Ngor Tung, Phillip Shui Chei Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Aali Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, C.L. Ip and Taiwo Alli.

Counsel to UBA argued that serving Form 49 was necessary to enable the named individuals to appear before the court and explain why an order of committal should not be made against them.

UBA’s counsel also alleged that WEMPCO directors and some staff members took illegal steps in an attempt to disobey the court’s order.

The approval of substituted service provides a procedural avenue for bringing the contempt notices to the attention of the individuals concerned in accordance with the court’s directions.

The development comes against the backdrop of an earlier Mareva injunction granted by the Federal High Court and the appointment of a receiver/manager over some WEMPCO assets.

The measures followed WEMPCO’s reported indebtedness to UBA in the sum of ₦61,445,695,993.76.

The contempt proceedings seek to determine whether the named individuals disobeyed the court’s order and whether committal to prison is warranted.