Business News

N1.7bn debt: Court grants Fidelity Bank nod to try Lagos bizwoman

A Federal High Court sitting in Lagos has given leave to Fidelity Bank PLC to commence bankruptcy proceedings against a prominent billionaire businesswoman, Mrs. Chioma Ude, in relation to an alleged debt of N1,700,000,000:00 (One billion, seven hundred million naira).

The matter in suit No FHC/L/BK/02/2024 was initiated via an ex-parte application dated 22nd April, 2024 and filed 23rd April, 2024.

The decision was reached on 30 April, 2024 after the court heard the argument of and submissions made by Babatunde Ogungbamila and Ifeoma Ezenwa who are both counsels in the matter.

While granting the petitioner application as prayed, Justice Lewis Allagoa stated: “The creditors had presented prima facie evidence to support their claims against Mrs. Ude.”

The presiding judge therefore ordered the registrar to issue a bankruptcy notice to the respondent.

While Fidelity Bank PLC is the petitioner, Chioma Ude is the respondent in the suit.

Justice Allagoa has adjourned further hearing till the 17th of June 2024.

Source:- ThePressNG