Ecobank In Financial Mess, Loses Assets Worth N218m Over Debt (Photos)

Ecobank is in a financial mess, loses assets worth N218m over debt.

It was reports that Federal High Court sitting in Abuja and presided over by Justice O.C Agbaza has issued a writ of Execution against ECOBANK for failing to pay a debt of Two Hundred and Eighteen Million, Four Hundred and Forty Thousand, Seven Hundred and Sixty Six Thousand Naira (N218, 440, 766).

The debt, We learnt was owed Vision Kam Jay Investment Ltd (Applicant) by (1) the President of ECOWAS Commission, (2) The ECOWAS Commission (Respondent) and ECOBANK Plc (Garnishee).

Upon the hearing the motion on Notice with Motion No. M/7755/2020 dated 18/06/2020 and filed on the same day by the Judgment Debtors brought pursuant to Order 43 Rules 1 (1) & (2) of the High Court of the Federal Capital Territory Abuja (Civil Procedure) Rules 2018 and under the inherent Jurisdiction of the Honourable Court praying for reliefs set out in the face of the Motion Paper in Suit No. FJ/26/2019 filed by Vision Kam Jay Investment Ltd in 2019.

The High Court of the Federal Capital Territory, Abuja in rulings delivered on the 11th day of June 2020 and 1st day of December 2020 in Suit No. FJ/26/2019 whereby a Garnishee Order Nisi was granted and made Absolute, respectfully.

Dissatisfied, on the 2nd day of December 2020 the Judgment Debtors Appealed to the Court of Appeal in Appeal No. CA/ABJ/CV/1075/2020. The Appeal was heard on the Amended Notice of Appeal filed on 29th day of January 2021; the Appellants’ amended brief filed on the same day but deemed as filled on 6th day of July 2021; the Respondent’s amended brief filed on the 19th day of July 2021 and the Appellants’ reply brief filed on 28th day of October 2021.

The Court of Appeal on the 17th day of February 2021 dismissed the appeal against ECOBANK. The Court of Appeal Subsequently dismissed the entire Appeal on the 26th of January 2022 for lacking in merit and grossly being incompetent.

Following the Writ of Execution dated the 2nd day of February 2022, the High Court of the Federal Capital Territory Abuja, carried out an Enforcement and levied Execution against ECOBANK the Garnishee. Several properties belonging to ECOBANK Plc at its regional Head Office located at Plot 114 cadastral Branch, Ademola Adetokunbo Crescent Wuse 2, Abuja have been impounded by the High Court of the Federal Capital Territory Abuja.

As provided by Section 29 of the Sheriff and Civil Process Act, the impounded properties shall be sold after 5 days.

See pictures and video excerpt below.