Court orders Zamfara to pay Ecobank N3.1bn
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.