By Onyewuchi Ojinnaka
The Chairman of First Bank of Nigeria Limited, Mrs. Ibukun Awosika and the Managing Director (MD), Dr. Adesola Adeduntan, have been convicted for contempt of court by Justice Ibrahim Buba of a Federal High Court sitting at Ikoyi, Lagos Nigeria.
The court convicted the duo in a judgement after throwing out their preliminary objection to a contempt charge instituted against them by Ejama-Ebubu community in Eleme Local Government Area of Rivers State.
The bank chiefs were found guilty of the charge for their refusal to release N17 billion and the accrued interests awarded to the community by the court which First Bank allegedly guaranteed to pay the community on behalf of Shell Petroleum Development Company of Nigeria Limited (SPDC).
The bond came consequent upon the judgment debt against SPDC in an oil spill suit initiated by the community.
However, Justice Buba suspended the sentencing for three months to enable the bank and its officials purge themselves of the contempt.
It would be recalled that Justice Buba entertained the matter while sitting at the Port Harcourt division of the court, wherein he awarded N17 billion to the community’s representatives in 2010, as well as 25 per cent interest on the principal sum, among other reliefs sought by the community.
