N741.8m debt: Court wants Zamfara govt account with CBN attached
on may 18, 2015 at 10:48 pm in news
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Lagos—A Federal High Court sitting in Lagos, has ordered that the account of Zamfara State Government domicile with Central Bank of Nigeria, CBN, be attached to satisfy a judgement debt of N741.8million, owed First Bank of Nigeria Plc.
The order of the court was sequel to an application argued before the court by Mr Oluwakemi Balogun, SAN, counsel to the bank.
In an affidavit deposed to by Mr Onah Marcellus, he averred that Ministry of Finance, Zamfara State issued an irrevocable standing payment order (ISPO) for the payment of the sum of N308.200 in favour of the judgement creditor First Bank of Nigeria Plc.
Onah stated that the claim in this case was in the sum of N586,489,631.97 being the outstanding and now being claimed from the debtors
Having regard to the letters of guarantee dated February 22, 2008 issued by Zamfara State Hospital Services Management Board in favour of First Bank guaranteeing the monthly deduction of N17,122,222.22 for a period of 18 months under an irrevocable standing payment order and the subsequent reliance thereof the bank released the sum of N260 million to a company, Al-Excel Nigeria Limited to finance the purchase of 4000 units of CG125 Motorcyles for members
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