United Bank For Africa (UBAGroup) Sues Energy Firm, Polaris Bank (PolarisBankLtd) Over N2.8 Billion | Sahara Reporters
A Federal High Court sitting in Lagos has restrained Integrated Energy Distribution and Marketing Company Ltd and Polaris Bank from tampering, howsoever, with funds standing to their credit up to $6,759,000 or its equivalent in any currency in 25 banks, the Debt Management Office and Federal Ministry of Finance.
Integrated Energy Distribution and Marketing Company Ltd and Polaris Bank are the 1st and 2nd respondents in the suit number FHC/L/CS/714/21.The 28th and 29th respondents are the DMO and Finance Ministry. The court restrained the 2nd Defendant from dealing with any of the monies, instruments, Sovereign Debt Notes, Promissory Notes, Treasury Bills or any other instrument in which it has an interest or standing with the 27th, 28th and 29th Respondents, to the tune of $6,759,000 or its equivalent.
The plaintiff had averred in its affidavit that the energy firm won the bid to acquire 60 per cent stake/of the shares in the Ibadan and Yola Electricity Distribution Companies following the privatisation exercise of the Power Holding Company of Nigeria Assets sometime in 2013. The plaintiff accordingly disbursed the sum of $35 million to the 1st Defendant to enable it meet the purpose for which it needed the pooled funds.
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