HomeFeaturesIndustrial Court Seals Bank Over Alleged ₦1.9bn Debt

Industrial Court Seals Bank Over Alleged ₦1.9bn Debt

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The National  Industrial Court of Nigeria, Owerri has sealed off branches of a new generation bank within the state capital over an alleged ₦1.9 billion debt owed Ex-Imo deputy governor, Prince Eze Madumere by the Imo State government.

This happened in the early hours of yesterday.

Vanguard sited the garnishee order issued by Hon Justice I.S Galadima and posted  on one of the bank’s branches along Wethedral road in Owerri.

Justice Galadima made the order in the SUIT NO: NICN/OW/1.9M/2021, between Prince Eze Madumere and Governor of Imo State, Attorney General of Imo State, Imo State government and the new generation bank .

The order which was captured by Vanguard read: “It is hereby ordered as follows; the Order Nisi made on 15 October 2021 is hereby made  an Absolute  against the Garnishee   this 27/5/2022.

“The Garnishee, (a new generation bank)  is ordered to transfer the sum of 1,970,666,584.68k (One Billion, nine Hundred Seventy Million, Six Hundred & Sixty-Six Thousand, Five Hundred and, Sixty-Eight Kobo) only into the Judgment Creditor’s Counsel account (GTB Bank Plc, Account no. 0223523624, A/C name: M/s Njemanze & Njemanze) forthwith within 24 hours of this order absolute.

“The Garnishee shall upon compliance with this Order be discharged from these garnishee proceedings.”

But reacting, the Imo State government through the State Commissioner for Information and strategy, Declan Emelumba, said: “We have appealed against the judgment. There is no how he could be owed N1.9 billion putting all his allowances together. Secondly, the government suspects that there is a conspiracy because the judge who gave the judgment even barred the government from appealing. We have never seen this kind of thing before. However, we have appealed the judgment.”


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