Court adjourns UBA’s N5.45bn suit

The claimant, a company in the financial services industry and a household brand in securities trading, had on June 10, 2013 in suit No. LD/464/2013 dragged United Bank for Africa Plc to the High Court of Lagos State claiming, in the main, damages in the sum of N5.45 billion for losses incurred as a result […]

The claimant, a company in the financial services industry and a household brand in securities trading, had on June 10, 2013 in suit No. LD/464/2013 dragged United Bank for Africa Plc to the High Court of Lagos State claiming, in the main, damages in the sum of N5.45 billion for losses incurred as a result of mareva injunctions wrongfully procured against it by UBA Plc in another suit in 2011.
In the current suit, Treasure Capital and Trusts Limited, which is represented by three law firms – Messrs Wemimo Ogunde SAN & Co; Messrs Tope Adebayo LLP and Messrs Abraham & Co. – alleges that it was exposed to huge financial loss as a consequence of the said mareva injunctions.
It also alleged that its business was completely shut down for a period of about two years owing to inability to perform any transaction on all the accounts affected by the mareva injunctions which were granted at the instance of UBA Plc and upon UBA Plc’s written undertaking to indemnify Treasure Capital and Trusts Limited for any loss if it turns out that the mareva injunctions ought not to be granted in the first place.
At the last adjourned date of the matter, the claimant,through its lawyers, O.J. Ajakpovi, Harrison Ogalagu, Esq. Falodun Arifayan, Esq. and S. Ajetunmobi prayed the court to adjourn the matter to enable the defendant file its defence.
In response, the defendant, through its counsel Obafolahan Ojibara, Esq. and  Nnamdi Amaefule, Esq., told the court that their client  was still within the 42-day period allowed by the rules of court to file its defense.
They urged the court to adjourn the matter.