E-Financial

Court Convicts First Bank Chairman, MD over N122Bn Judgment Debt

Comms Week7 Jun 20180 Comments

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A Federal High Court in Lagos Wednesday convicted Ibukun Awosika, chairman of First Bank of Nigeria Limited, and Dr. Adesola Adeduntan, managing director, as well as the bank for contempt. They were…

A Federal High Court in Lagos Wednesday convicted Ibukun Awosika, chairman of First Bank of Nigeria Limited, and Dr. Adesola Adeduntan, managing director, as well as the bank for contempt.

They were accused of refusing to obey the order of the court, which had ordered them to pay an Ogoni community in Rivers State the sum of N122 billion bond guaranteed by the bank on behalf of Shell Petroleum Development Company Limited (SPDC).

The N122 billion bond is in respect of the judgment debt against SPDC in an oil spill suit instituted by Ejama community in Ogoniland, Rivers State.

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