The Nigeria Deposit Insurance Corporation (NDIC) Friday lost its bid to freeze funds in 22 banks belonging to the Chairman of Chrome Group, Sir Emeka Offor, over an alleged N9.2 billion owed the African Express Bank in liquidation.
Ruling in an ex-parte application filed by the NDIC to restrain all commercial banks in Nigeria from making any outward payments, operations or transfers, and further releasing any money to Offor and his companies, Justice Gabriel Kolawole held that there was no urgency to grant the application since the licence of the African Express Bank had been revoked eight years ago.
The judge said: “The applicant failed in its duty to state the steps taken so far to recover the money from the 1st respondent (Ofor).
“In doing justice, the court must also consider the rights of the 1st respondent to arrive at a balance.
“The respondents shall within seven days show cause why the court should not proceed to grant the order sought by the applicant.
“The respondents should also provide the applicant with the information required to assuage its fears.”