Capital Oil and Gas and its CEO, Mr Ifeanyi Ubah have indicated a readiness to proceed with contempt proceedings against the Directors and management of Access Bank Plc. for disobeying court orders granted in their favour in relation to the settlement of a disputed loan facility.
Two cases of public interest surfaced at the Federal High Court sitting in Lagos.
In the first proceeding before Justice Okon Abang, Capital Oil & Gas Ltd and its CEO, Mr ifeanyi Ubah had at the last sitting of the court obtained a series of orders in its favour against Access Bank and Coscharis Motors.
In those orders made on the 28th of January, Justice Abang had among other orders directed Access Bank to file a notice of discontinuance of all the suits it filed against the oil company before a London court and report compliance of same within 48hours.
The bank is however yet to comply with this order, instead it is seeking to stop the proceedings before Justice Abang even as indications emerged on Monday that the London Court and Justice Abang were sitting on the matter at the same time.
Capital Oil has urged the court to summon the directors and principal officers of the bank to appear and give reasons why they should not be punished for disobedience of court orders.
Access Bank will however get a right of reply before the Lagos court rules on its next move.
