National Wire About Nigerians, Nigerian Business and Other Stories
A Federal high court sitting in Lagos has ordered eight commercial banks in Nigeria to unconditionally substitute the names of existing signatories of a Limited liability company Adapalm Nigeria Limited in eleven accounts domicile in the said banks respectively with the name of it’s receiver/ manager Chief Philip Ndubusi Umeh SAN.
The presiding Judge,Yelling Bogoro,also made an order restraining, Adapalm Company Nigeria Limited wether by itself or through its agent or privies or any erstwhile Director(s) of the company from opening or operating any account in any bank in Nigeria whatsoever with the name of Adapalm company during the subsistence of the appointment of Philip Ndubusi Umeh SAN as the Receiver/manager of the company.
The order of the court was as a result of an application filed before the court, by Chief Ndubusi Umeh SAN urging the court to grant the afore-stated order,on the ground that by order of a court he has been appointed as the Receiver/Manager over the assets of Adapalm Nigeria Company Limited by Bank of Agriculture.
Adapalm was alleged to be indebted to Bank of Agriculture between 16th, December, 1976 and 22nd December, 2989 to the tune of N2,655,616,916.17 and the company had failed and neglected to pay it’s debt.
