Investors in First Bank lost N1.79 billion over the course of the week, and the bank’s operations were shut down by the FCT High Court Enforcement Unit in Abuja due to a debt.
Ejes Gist Newspaper reports that the officials stormed the headquarters on Friday to seize properties of the lender, “it is a long story, but it is all about a garnishee order against the bank which it didn’t comply with”, an official of the court said.
Since the lender disobeyed the court order, court officials sent towing vans to the First Bank headquarters in Abuja to tow away items like standby generators and Hilux vans.
The commercial bank’s employees described the situation as embarrassing as air conditioners and other valuables were taken from First Bank to pay off the hidden debt.
Employees at the company were alarmed when the FCT High Court Enforcement Unit sealed the bank’s building as a result of a garnishee order obtained by a judgement creditor that the commercial bank owes money to.
As a result of a sell-off among stakeholders, First Bank’s share fell by 0.45 percent to close Friday’s trading at N10.95kobo, below N11. There was also panic on the exchange floor during the week.
After five trading days, this caused investors in the company to lose -0.45 percent of their investment, or N1.79 billion, and it reduced First Bank’s market value from N394.8 billion to N393.05 billion.
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