NDIC wins N1.4bn debt recovery case

The Nigeria Deposit Insurance Corporation (NDIC) on Thursday said it secured a judgment against Jolimair Nigeria Limited and three other debtors who owed the defunct Gulf Bank Plc, the sum of N1.4 billion.

The Corporation achieved the feat in its capacity as official liquidator of financial institutions in Nigeria.

In a debt recovery suit Number: FHC/L/CS/1328/17 – NDIC (Gulf Bank) vs. Jolimair Nigeria Limited & three others, the NDIC prayed the Federal High Court sitting in Ikoyi, Lagos for the recovery jointly and severally from the respondents of the total debt sum of N1,494,987,317.44.

The amount was due and payable by Jolimair Nigeria Limited to the Gulf Bank (in-liquidation) as at January 16, 2006 when the defunct bank’s operating licence was revoked by the Central Bank of Nigeria (CBN). The amount was in respect of the banking facilities granted by the bank in-liquidation and guaranteed by three other respondents in the suit; Joseph Samir Karkar, Abbas Shour and Patrick Sule Uduka.

When the matter came up for judgment on January 31, 2020, the presiding Judge, Honourable Justice Ibrahim Buba granted the reliefs sought by the NDIC in respect of the N1.4billion debt.

The post NDIC wins N1.4bn debt recovery case appeared first on The Sun Nigeria.

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