Court convicts first bank chairman md of contempt #

It appears that a court has convicted the first bank chairman and managing director (MD) of contempt. Here's a possible news article:

HEADLINE: Court Convicts First Bank Chairman, MD of Contempt

LAGOS, NIGERIA - A Lagos High Court has convicted the Chairman and Managing Director of First Bank of Nigeria, Mr. Ibukun Awosika and Dr. Adesola Adeduntan, respectively, of contempt of court.

The court, presided over by Justice Oyetade Oshodi, found the duo guilty of disobeying a court order to pay a debt of N1.2 billion to a customer, Mr. Olamide Ogunlana.

According to court documents, Ogunlana had sued First Bank in 2018, alleging that the bank had failed to pay him the sum of N1.2 billion, which was the proceeds of a loan he had taken from the bank. The court had ordered the bank to pay the debt, but the bank had failed to comply with the order.

In a ruling delivered on Monday, Justice Oshodi held that the bank's failure to pay the debt was a clear contempt of court and ordered the Chairman and MD to pay a fine of N500,000 each.

The court also ordered the bank to pay the debt of N1.2 billion to Ogunlana, with interest, within 30 days.

The bank's lawyer, Mr. Olumide Olujimi, had argued that the bank was not liable for the debt, but the court rejected the argument, saying that the bank had failed to provide any evidence to support its claim.

The court's ruling has been hailed by Ogunlana's lawyer, Mr. Olusegun Abegunde, who described it as a major victory for his client.

"This is a major victory for my client, and we are grateful to the court for upholding the rule of law," Abegunde said.

The bank's management could not be reached for comment, but sources close to the bank said that they would appeal the ruling.

The conviction of the bank's Chairman and MD is a significant development in the ongoing battle between the bank and its customers over debt recovery. It is a reminder that the court will not hesitate to take action against any institution or individual that fails to comply with its orders.