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The Digest:

First City Monument Bank has taken possession of properties belonging to Bankers Warehouse and its chairman, Victor Hammond, following a court order to enforce the recovery of an alleged N4.4 billion debt.

Key Points
  • FCMB has taken over the assets of Bankers Warehouse and the Chairman, Victor Hammond.
  • The action enforces a Federal High Court order for an alleged N4.4bn debt.
  • Court sheriffs and police executed the takeover on Thursday in Lagos.
  • Seized assets include prime properties in Lagos, Kano, and Abuja.
  • The bank had previously appointed a receiver/manager for the assets.
  • A Mareva injunction also restricts 19 banks from moving N4.1bn linked to the defendants.
  • The affected banks must disclose the defendants' funds within 14 days.
This decisive legal move underscores the fragility of corporate trust and the formidable machinery that swings into motion when financial commitments collapse.

Sources: The Cable