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ALLEGED DEBT CAUSING INVESTORS TO LOSE N.79BN: COURT SEALS FIRST BANK HEADQUARTERS

ALLEGED DEBT CAUSING INVESTORS TO LOSE N.79BN: COURT SEALS FIRST BANK HEADQUARTERS

The High Court of the Federal Capital Territory (FCT) Enforcement Unit in Abuja, has ordered the clamp down of the First Bank’s operations over a debt.

This is as investors of the Nigeria’s leading commercial bank lost N1.79 billion in five days of trading.
According to reports, the court officials stormed the headquarters on Friday, August 5, 2022, to seize properties of the lender.
“It is a long story, but it is all about a garnishee order against the bank which it didn’t comply with”, an official of the court said.
It was gathered that the lender didn’t comply with the court order, hence court officials visiting First Bank headquarters in Abuja with towing vans to seize properties such as stand-by generators and Hilux vans.
Also, air conditioners, amongst other valuables, were carted away from First Bank, to make up for the undisclosed debt, with workers of the commercial bank stating that the situation was embarrassing.

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