Nova Merchant Bank has filed a winding-up petition at the Federal High Court in Lagos over a loan of N6,205,575,569.93 allegedly given to Emzor Pharmaceutical Industries.
Listed in the suit as respondents are Central Securities Clearing System Plc, Access Bank Plc, Ecobank Nigeria Limited, Citi Bank Plc, Fidelity Bank Plc, First City Momument Bank Plc, First Bank of Nigeria Limited.
Others are Guaranty Trust Bank Plc, Jaiz Bank Plc, Keystone Bank Ltd, Polaris Bank Plc, Providus Bank Plc Stanbic IBTC Bank Plc, Sterling Bank Plc, Standard Chatered Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, TAJ Bank Limited, WEMA Bank Plc, and Zenith Bank Plc.
The bank’s counsel, Oluwakemi Balogun (SAN), in a motion on notice said the petitioner issued on the respondent, the statutory three weeks demand notice required by Section 572 of Companies and Allied Matters Act (CAMA) 2020.
He said the demand notice had elapsed, yet the respondent neglected to pay or to secure or compound for same to the satisfaction of the petitioner.
According to him, the respondent was unable to liquidate its indebtedness, adding that substantially the respondent’s assets were personal in nature and liable to be dissipated or removed by the respondent’s alter egos unless a restraining order was granted to prevent same.
The petitioner is seeking an order of court appointing the deputy chief registrar of the court as provisional liquidator of the respondent to take over and oversee affairs and running of the respondent’s company pending grant of the winding-up order by the court.
“An order of interlocutory injunction ‘restraining the respondents, their directors, workers from operating, withdrawing from and/or otherwise tampering with the respondent’s funds under whatsoever name or guise in the cited bank or financial institutions pending grant of the winding-up order by the court.
“An order of interlocutory injunction (restraining the respondent from tampering with the respondents’ fixed and movable assets howsoever described and called, pending grant of the winding-up order by the court.
“An order directing the cited respondents listed as 1-20 on the face of this Motion Paper to hold and disclose by way of a sworn affidavit filed within five days upon being notified of the order and a copy served on the petitioner’s solicitors) particulars of all assets, monies, real estate, stock, funds, bonds, cash deposits, bank guarantees, letters of credit and negotiable instruments in the name of the respondents up to N6,205, 575,569.93, pending grant of winding-up order by th court.”
An affidavit in support of its motion on notice deposed to by Azeezat Adeniji, a principal officer of Nova Merchant Bank, showed the credit facility was granted to Emzor on April 5, 2022.
Justice Chukwujekwu Aneke will hear the suit on July 12, 2024.
