– Advertisement –

…Nine individuals tied to one of Nigeria’s biggest indigenous steel-and-manufacturing conglomerate face possible committal to prison after allegedly defying a Federal High Court order protecting United Bank for Africa’s claim; and disrupting the operations of a court-appointed receiver manager.

A critical legal battle in the Nigerian banking sector involving United Bank for Africa (UBA) Plc and Western Metal Products Company (WEMPCO) Limited has reached a tipping point as United Bank for Africa (UBA) PLC aggressively pursues the recovery of syndicated and direct loan facilities amounting to ₦61,445,695,993.76 (approximately $39 million) from manufacturing heavyweight Western Metal Products Company (WEMPCO) Limited and 16 related corporate entities.

Presiding Judge Hon. Justice Akintayo Aluko of the Federal High Court (Lagos Judicial Division) has granted an Order of Mareva Injunctions freezing accounts belonging to the WEMPCO group across 27 commercial banks and fintechs.

Furthermore, the Court has issued a stern Form 48 (Notice of Consequence of Disobedience to Order of Court), warning key directors and shareholders—including Lewis Shui Ngor Tung, Phillip Shui Che Tung, Robert Tung, Lawrence Tung, Taiwo Alli and others—that they face possible imprisonment for contempt of court after allegedly interfering with the Receiver/Manager appointed by UBA to take over key collateral assets.

The Form 48 notice — a formal warning under Nigerian civil procedure that precedes imprisonment for contempt — was published as a legal notice after personal service could evidently not be completed on the individuals, all listed at the same address: 18, Wempco Road, Ogba, Ikeja, Lagos (Federal High Court of Nigeria, Suit No. FHC/L/CS/555/26), MoneyCentral gathered.

The underlying case,…