Court or­ders Zam­fara to pay Ecobank N3.1bn

Daily Trust - - NEWS - From Ya­haya Ibrahim, La­gos

A Fed­eral High Court in La­gos yesterday or­dered the Zam­fara State gov­ern­ment to pay a N3.16 bil­lion debt to Ecobank.

Jus­tice Okon Abang gave the or­der while de­liv­er­ing judg­ment in a suit brought against the state by the bank.

Ecobank had sued the Zam­fara State gov­ern­ment over a loan of N1.5 bil­lion ob­tained from Oceanic In­ter­na­tional Bank in May 2009.

The bank in an af­fi­davit in sup­port of the suit, de­posed to by its staff, Oluwa­fun­milola Salami, said the state gov­ern­ment through the Min­istry of Fi­nance, had in May 2009 re­ceived an ex­tended fa­cil­ity of N1.5 bil­lion from Oceanic Bank now con­sol­i­dated as Ecobank Nige­ria PLC.

It added that the ma­jor se­cu­rity for the loan was con­di­tional ir­rev­o­ca­ble stand­ing pay­ment or­der from the state gov­ern­ment’s Val­ued Added Tax domi­ciled with the First Bank PLC.

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