Ecobank Court fixes October date for bank's suit on First Deepwater Discovery

A Federal High Court in Lagos has fixed October 20, 2015 for the commencement of a suit brought before it by Ecobank to empower the bank to redeem a sovereign debt note issued in its favour by the Debt Management Office.

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Governor Godwin Emefiele announces that Nigeria's central bank is keeping its benchmark interest rate on hold at 13 percent in Abuja, Nigeria, July 24, 2015. REUTERS/Afolabi Sotunde play Governor Godwin Emefiele announces that Nigeria's central bank is keeping its benchmark interest rate on hold at 13 percent in Abuja, Nigeria, July 24, 2015. REUTERS/Afolabi Sotunde (Reuters)
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A Federal High Court in Lagos has fixed October 20, 2015 for the commencement of a suit brought before it by Ecobank to empower the bank to redeem a sovereign debt note issued in its favour by the Debt Management Office in respect of fuel subsidy claims accrued to First Deepwater Discovery Limited, an oil marketing firm in the country. 

The Central Bank of Nigeria is being joined in the suit as the Ecobank counsel averred that the accruals are being kept in the custody of the apex bank who has refused to comply with an earlier order of a court to allow Ecobank access to the fund despite being duly served the order since July 16, 2015.

According to the counsel to Ecobank in the matter, Mr. Kunle Ogunba (SAN), the alleged refusal has obstructed Ecobank from performing its preservatory functions over assets of First Deepwater, through the receiver/manager appointed by the bank in line with the court order.

In granting the bank’s prayers, Justice Yunusa adjourned till October 20 to take all pending applications in the suit.

NOTE: This article has been updated from an earlier version.

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