UBA Launches Contempt Proceedings Against WEMPCO Directors

United Bank for Africa (UBA) Plc (NGX: UBA) has intensified its legal actions concerning disputed commercial transactions, specifically commencing contempt proceedings against directors of WEMPCO for alleged disobedience of a Federal High Court order. The court, presided over by Justice Aluko, granted UBA's application for substituted service of Form 49 on nine WEMPCO directors, including Lewis Shui Ngor Tung and Phillip Shui Chei Tung, among others.

This application aims to determine if the directors disobeyed a court order and if they should be committed to prison for contempt. UBA claims WEMPCO is indebted to it for N61,445,695,993.76.

In a separate case, UBA secured interim preservative orders from the Lagos State High Court against Vitol SA and four shipping companies over the wrongful release of petroleum products valued at approximately $242 million. UBA alleges that cargoes covered by bills of lading were released without being delivered to the bank.

Justice K.A. Jose granted three prayers in UBA's application, which includes restrictions against asset dissipation.