By Onyewuchi Ojinnaka
Senior Correspondent
The Nigeria Deposit Insurance Corporation (NDIC) has sued to the Federal High Court in Lagos former Chairman of defunct Fortune Bank, Henry MacPepple, to recover N17.6 billion owed the bank by Suffolk Petroleum Services (SPS).
SPS, an oil services firm, belongs to MacPepple.
The NDIC, the bank’s liquidator, said in the suit that SPS, a member of Adamac Group of Companies owned by MacPepple, owes the bank N17,632,119,929.44.
It was averred that the debt includes outstanding balance on the principal loan sum, crystallised guarantees, and accrued interest.
According to the plaintiff, efforts to reconcile the accounts with the debtor were unsuccessful, hence the legal action.
On November 9, 2015, the NDIC obtained an ex-parte order restraining SPS and MacPepple from alienating, assigning, leasing or dealing with their movable and immovable properties pending the hearing of the motion on notice for interlocutory injunction.
The court also restrained them and their agents from withdrawing or dissipating any monies standing to their credit in all banks until the motion for injunction is determined.
All the financial institutions were ordered to furnish the NDIC with the respondents’ account details and sums standing to their credit.
At the last hearing, the respondents’ counsel, A.N. Udebe, said he was in the process of filing his clients’ response to the suit.
Justice Mojisola Olatoregun-Ishola expressed displeasure at the respondents’ delay and awarded punitive cost of N250,000 against them.
She told Udebe: “I gave you a date for trial (on April 15) and you had to wait till now to file your processes. Why have you not filed before now?
“I will adjourn at your instance. I award a cost of N250,000 which is to be paid to the court, not to the plaintiff.”
The case was adjourned until October 10 for hearing.
