The Nigeria Deposit Insurance Corporation has secured a landmark judgement to the tune of N556,493,034.16 in favour of depositors of Lead Merchant Bank Limited (in-liquidation).
The judgement was recently delivered by Justice Ibrahim N. Buba of the Federal High Court, Lagos in a matter instituted by First Bank of Nigeria Plc over a claim of indebtedness by Lead Merchant Bank (in-liquidation) to the FBN prior to the revocation of the closed bank’s licence in 2006 by the Central Bank of Nigeria.
FBN had claimed in its suit before the court that the closed bank became indebted to it under a clearing and settlement banking transaction and that as at March 9, 2006 when the bank’s licence was withdrawn, the indebtedness stood at N556,493,034.16.
