First Bank accuses businessman of scandalising banking sector

(Nigeria)First Bank of Nigeria Limited on Tuesday accused the Managing Director of Index Petrolube Africa Limited, Ezeani Thankgod before a Federal High Court sitting in Lagos of scandalising the Nigerian banking sector with monumental debts to the tune of N12.4 billion to various financial institutions.
The bank, through its lawyer, Ade Oyebanji, made the accusation at the resumed hearing in a debt recovery suit filed against the businessman and his company.
The bank had sued Thankgod, his company and a director in the company, Obinna Ezeani Nnamdi before the court and secured a mareva injunction restraining the defendants from operating their bank accounts in twenty commercial banks in Nigeria pending the hearing and determination of the suit.
The court had specifically ordered all the banks to file an affidavit before the court to disclose the state of accounts of the defendants before them, an order which had since been complied with.
The defendants had filed an application to set aside the mareva injunction, alleging that First Bank suppressed and misrepresented material facts before procuring the order.
In the application to set aside the mareva injunction, the defendants had accused the bank of failing to put them on notice before securing such order, and that the injunction was capable of crippling their business.
The defendants had specifically urged the court to discharge the mareva injunction, or in the alternative, allow them to carry out lodgements, withdrawals and transfers in respect of payments for importation, purchase, distribution or supply of petroleum products by or from the Nigerian National Petroleum Corporation (NNPC), Pipeline and Products Marketing Company (PPMC) Limited and other suppliers of such products within and outside Nigeria.
The defendants, in the application, are also asking that they should be allowed to have access to their accounts to meet their other obligations such as staff salaries/allowances and other usual overheads and running costs.
While responding to the application to set aside the order, Oyebanji urged the court to discountenance the application, as the defendants had scandalised the entire banking sector with several debts which they owe various commercial banks in Nigeria.
According to Oyebanji, from the affidavits filed by various banks in accordance with the court order, it was clear that the defendants were indebted to various banks to the tune of N12.4 billion, some of which had become toxic debt by the virtue of the involvement of the Asset Management Corporation of Nigeria (AMCON). 
He said even the defendants admitted in their affidavit in support of the application to discharge the mareva injunction that they were owing First Bank N227,982,005.24, and that the court should not allow such debtor as the defendants, who have “scandalised” the banking sector, to continue to enjoy the funds, which as a matter of fact belong to depositors and shareholders.
After entertaining arguments from the parties, trial judge, Justice Mohammed Idris fixed November 21, 2014 for ruling.
According to the statement of claim, First Bank is claiming a total of N361,239,448.78 from the defendants and interest at the rate of 18 percent from March 17, 2014 till the liquidation of the entire debt.     accuses businessman of scandalising banking sector
*Alleges N12.4b indebtedness
By Tunde Opeseitan
Snr Correspondent, Lagos

First Bank of Nigeria Limited on Tuesday accused the Managing Director of Index Petrolube Africa Limited, Ezeani Nnamdi Thankgod of scandalising the Nigerian banking sector with monumental debts to the tune of N12.4 billion to various financial institutions.
The bank, through its lawyer, Ade Oyebanji, made the accusation at the Federal High Court in Lagos at the resumed hearing into a debt recovery suit filed against the businessman and his company.
The bank had sued Thankgod, his company and a director in the company, Obinna Ezeani Nnamdi before the court and secured a mareva injunction restraining the defendants from operating their bank accounts in twenty commercial banks in Nigeria pending the hearing and determination of the suit.
The court had specifically ordered all the banks to file an affidavit before the court to disclose the state of accounts of the defendants before them, an order which had since been complied with.
The defendants had filed an application to set aside the mareva injunction, alleging that First Bank suppressed and misrepresented material facts before procuring the order.
In the application to set aside the mareva injunction, the defendants had accused the bank of failing to put them on notice before securing such order, and that the injunction was capable of crippling their business.
The defendants had specifically urged the court to discharge the mareva injunction, or in the alternative, allow them to carry out lodgements, withdrawals and transfers in respect of payments for importation, purchase, distribution or supply of petroleum products by or from the Nigerian National Petroleum Corporation (NNPC), Pipeline and Products Marketing Company (PPMC) Limited and other suppliers of such products within and outside Nigeria.
The defendants, in the application, are also asking that they should be allowed to have access to their accounts to meet their other obligations such as staff salaries/allowances and other usual overheads and running costs.
While responding to the application to set aside the order, Oyebanji urged the court to discountenance the application, as the defendants had scandalised the entire banking sector with several debts which they owe various commercial banks in Nigeria.
According to Oyebanji, from the affidavits filed by various banks in accordance with the court order, it was clear that the defendants were indebted to various banks to the tune of N12.4 billion, some of which had become toxic debt by the virtue of the involvement of the Asset Management Corporation of Nigeria (AMCON). 
He said even the defendants admitted in their affidavit in support of the application to discharge the mareva injunction that they were owing First Bank N227,982,005.24, and that the court should not allow such debtor as the defendants, who have “scandalised” the banking sector, to continue to enjoy the funds, which as a matter of fact belong to depositors and shareholders.
After entertaining arguments from the parties, trial judge, Justice Mohammed Idris fixed November 21, 2014 for ruling.
According to the statement of claim, First Bank is claiming a total of N361,239,448.78 from the defendants and interest at the rate of 18 percent from March 17, 2014 till the liquidation of the entire debt.