A Federal High Court in Lagos has ordered eight commercial banks in Nigeria to unconditionally substitute the names of existing signatories of Adapalm Nigeria Limited in eleven accounts domiciled in the said banks respectively with the name of its Receiver/Manager, Chief Philip Ndubusi Umeh SAN.
The presiding Judge, Yelling Bogoro, also made an order restraining, Adapalm Company Nigeria Limited whether by itself or through its agent or privies or any erstwhile Director(s) from opening or operating any account in any bank in Nigeria whatsoever with the name of Adapalm Company during the subsistence of the appointment of Philip Ndubusi Umeh as the Receiver/Manager of the company.
The order followed an application filed before the court by Chief Ndubusi Umeh SAN urging the court to grant the afore-stated order on the ground that by order of a court he has been appointed as the Receiver/Manager over the assets of Adapalm Nigeria Company Limited by the Bank of Agriculture.
Adapalm was alleged to be indebted to the Bank of Agriculture to the tune of N2,655,616,916.17 between 16 December 1976 and 22 December 1989 and the company had failed and neglected to pay its debt.