Business Court Freezes 20 Bank Accounts Owned by Dangote Over Loan Dispute with Union Bank



20 Commercial banks accounts in Nigeria owned by Mr. Sani Dangote, younger brother to Alhaji Aliko Dangote, and his companies, Dansa Foods Limited and Bulk Pack Services Limited have been frozen by a federal high court in Lagos.

As a result, all withdrawal cheques from Dangote will be dishonoured by the banks, #Punch reports.

Justice Okon Abang, who made the order on Thursday said it subsists till September 11, 2014 when the court would entertain all applications in a suit brought by Union Bank Plc against Dangote and his companies.

Union Bank had taken Dangote and his companies to court over alleged refusal to liquidate about N5.2bn loan granted them since September, 2008.

The bank, through its lawyer, Mr. Chukwudi Enebeli had instituted suits seeking an order of mareva injunction to restrain all the defendants’ banks in Nigeria from allowing them withdraw funds from their accounts pending the determination of the suits.

The banks named are Access, CITI, Diamond, Ecobank, Enterprise, Fidelity, Keystone, Mainstreet, Skye, Wema, Heritage, Sterling, Unity and Zenith Banks.

Others are First Bank, First City Monument Bank, Guaranty Trust Bank, Stanbic IBTC, Standard Chartered Bank and United Bank for Africa.

#Nigeria #Dangote #UnionBank


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