Court Allows UBA to Serve Contempt Notice on Wempco Directors Over ₦61.4bn Debt Dispute

The Federal High Court has granted UBA permission to serve Form 49 notices on Wempco directors accused of disobeying a court order in the bank’s case against the company. The notices require the directors to appear before the court and explain why they should not face committal proceedings for alleged contempt. UBA’s counsel told the court that the directors and some staff allegedly took steps contrary to an existing order. The dispute follows an earlier Mareva injunction and the appointment of a receiver/manager over some Wempco assets. UBA says Wempco owes the bank about ₦61.45 billion.

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