Read Why Court freezes Dangote brother’s account

A Federal High Court in Lagos has ordered
20 commercial banks in Nigeria to
dishonour all withdrawal cheques from Mr.
Sani Dangote, younger brother to Alhaji
Aliko Dangote, and his companies, Dansa
Foods Limited and Bulk Pack Services
Limited.
Union Bank had taken Dangote and his
companies to court over alleged refusal to
liquidate about N5.2bn loan granted them
since September, 2008.
One Olufunmilola Ayoola, an official of the
bank, who deposed to the bank's affidavit,
alleged that the failure of the defendants to
liquidate the monumental debt had
negatively affected the Nigerian economy,
a development which the bank claimed
necessitated the suit.
According to Ayoola, Union Bank Plc has
been having difficulty in extending credit
facilities to small scale businesses, which in
turn would have helped in boosting the
nation's economy and salvage the country
from its present malaise of corruption and
underdevelopment crisis.
The bank stated that the funds, which
Dangote and his companies failed to pay,
were capable of going a long way in
impacting positively on the nation's
economy.
When the matter came up for hearing on
Thursday, the motion could not be heard as
counsel for the defendants informed the
court that they had filed objections
challenging jurisdiction of the court to
entertain the suit.
Out of all the banks, Diamond and Zenith
appeared before the court on Thursday and
explained that Dangote was equally
indebted to them.
Zenith Bank specifically said Dangote was
indebted to the bank to the tune of €7m.
.