Justice Dehinde Dipeolu of the Federal High Court in Lagos has mandated United Bank for Africa Plc (UBA) to promptly pay the Liquidator of Addy Finance & Investments Limited (in liquidation) ₦39,108,417 and $53,078.04, along with 20% pre-judgment interest and 10% post-judgment interest annually. Additionally, UBA was ordered to provide certified account statements from November 2, 2021—the start of the company’s winding-up process until the judgment date.
The decision, issued on April 28, 2025, and reported by The Guardian on June 1, 2025, stemmed from an application by the Liquidator in the winding-up case, FHC/L/CP/1577/2021: Nduka Nwabuwa & 3 Ors v. Addy Finance & Investments Ltd. The Liquidator sought to recover funds held by UBA and obtain account statements, citing Sections 576, 577, and 603 of the Companies and Allied Matters Act (CAMA) 2020 and the Companies Winding-Up Rules 2001.
T.Y. Salman, the Liquidator’s counsel, argued that UBA wrongfully withheld the company’s funds despite court orders prohibiting withdrawals since March 30, 2022, and the appointment of a provisional liquidator on July 5, 2022. The Liquidator referenced UBA’s prior affidavit, which confirmed account balances of ₦30,455,571.65, ₦8,652,845.56, and $53,078.04 at various points.
Justice Dipeolu ruled that UBA failed to meet its obligations, attempting to rely on garnishee and interim forfeiture orders obtained after the winding-up began, which were deemed void under Section 577 of CAMA 2020. The court criticized UBA’s contradictory actions, including a November 2023 affidavit denying the funds’ existence while secretly paying over ₦27 million to certain creditors in a separate case, without disclosing the winding-up order or the Liquidator’s role. UBA also withheld key documents (Exhibit ATO 6) from the Liquidator until after these payments, which included ₦16 million to UBA staff, were made without involving the company or the Economic and Financial Crimes Commission (EFCC).
The judge held that UBA, as the account custodian, was responsible for proving the funds’ non-existence, and its misconduct barred it from equitable relief. The court further disapproved of the professional conduct of UBA’s legal team.
Consequently, Justice Dipeolu granted most of the Liquidator’s requests, ordering UBA to pay ₦30,455,571.65 (balance as of December 1, 2022), ₦8,652,845.56 (balance as of March 1, 2023), and $53,078.04 (balance as of March 1, 2023), along with the specified account statements. One relief was denied due to its unclear wording.