COURT CONVICTS FIRST BANK, MD ADESOLA ADEDUNTAN, CHAIRMAN PASTOR IBUKUN AWOSIKA FOR N122 BILLION DEBT

IKOYI, Lagos, Nigeria – A Federal High Court sitting in Ikoyi, Lagos on Wednesday, convicted, First Bank Nigeria Plc, its Chairman, Pastor Ibukun Awosika and current Managing Director, Dr. Adesola Adeduntan for contempt over judgement debt of N122 billion.

They were listed as first, second and third defendants in the suit.

The court had in a judgement ordered First Bank Plc to pay Ejama-Ebubu community of Ogoni in Rivers State the sum of N122 billion bond guaranteed by the bank on behalf of Shell Petroleum Development Company Limited (SPDC). But First Bank Plc refused to obey the order of the court forcing Justice Ibrahim Buba to commit the 1st to 3 defendant to jail for contempt.

Earlier, the court dismissed the preliminary objections filed by the defence team against them by the Ejama-Ebubu community in Eleme Local Government Area of Rivers State and found the bank, its MD and Chairman guilty of refusal to release N17 billion and interests that First Bank allegedly guaranteed to pay the community on behalf of Shell Petroleum Development Company of Nigeria Limited.

The bond is in respect of the judgment debt against SPDC in an oil spill suit filed by the community. Justice Ibrahim Buba, however, suspended the sentencing for three months to enable the bank and its officials to purge themselves of the contempt.