Wema Bank shut in Ibadan

THE Mokola branch of Wema Bank Plc, Ibadan, was on Monday morning shut, paralysing financial activities around 9.30 am when some police officers from the State Anti-Robbery Squad (SARS) and court bailiffs led a team to seal-off the bank following a court order of the Osun State High Court, Osogbo, over a debt of N81.205,660.71k owing Brodllers Engineering Works Limited.

Nigerian Tribune gathered that the engineering firm sued the bank on account of breach contract following the bank’s inability to fulfil its section of an agreement over a contract which was to the tune of N65,380,397.88k which has now accrued a 10 per cent interest and cost of special damage which now amounts to N81.205,660.71k.

And armed with a court order sequel to an ex-parte application filed by Brodllers Engineering Works Limited against Wema Bank in a suit number HOS/146/2002, with the copies of the orders dated Feburary 17, 2012, were pasted on the gate of the bank and other properties within its premises.

More than four towing vehicles were seen within and outside the bank’s premises while most of the equipment in the banking hall—computers, photocopiers, counters and others, were detached in the process, an action which scampered the smooth operation of the bank. Customers were turned back at the entrance with the bank’s security guard saying that the bank had suspended operations.

The main door to the banking hall was initially sealed off with the sticker from the court order while the bank’s mediating officers were seen discussing with the lawyer of the engineering firm.

Lawyer to Brodllers Engineering Works,Mr Dauda said the case lasted for more than three years with the judgment secured in 2012 while the bank made no attempt in paying the debt, hence their decision to effect the judgment this morning.

He said “This is in furtherance to the orders by the Osun State High Court, Osogbo. This case started in 2002 when Wema Bank Plc breached an agreement with my client and they were expected to pay him N65.380.397.88. With the interest and other damages the bank will pay a total sum of N81.205.660.71.

“We received a court order in 2012 to take over two branches of the banks in Ibadan, but we were waiting for them to pay up. They did not make any effort to do so and that is why we are taking this step today.

“There is a judgement against Wema Bank Plc in favour of the judgement creditor, Akinyemi Akintayo, and Brodllers Engineering Works Limited to the sum of N65,380,399:88 plus the judgement interest at the rate of 10per cent from the date of the judgement until final liquidation running into N81,205,850:70.

“We are here so that we can realise the judgement sum in favour of the judgement creditor against the judgement debtor which is Wema Bank Plc.
“The case has been on for well over three years now. After the judgement was obtained, necessary documents were served on the judgement debtor (Wema) but for reason best known to them, they did not settle the debt,” Dauda said.

An official of the bank who pleaded anonymity said “We are not authorised to speak. Branches don’t talk and the matter is in court; we have appealed. Our legal department in conjunction with the Corporate Affairs Section of the bank are handling the issue,” the official stated.