N831m Debt: UBA Asks Court to Stop Sale of Borini Prono’s Assets

Wale Igbintade

One of the leading pan-African financial services institution, United Bank for Africa Plc (UBA), said it has filed an application to halt the sale of the assets of a construction firm, Borini Prono and Company Nigeria Limited over alleged N831,024,818.30 judgment debt.

The bank stated that it has approached the court to vary its ex parte order being relied upon by a purported Receiver Manager, to sell the firm’s assets.

It said it informed the Federal High Court sitting in Lagos  in suit number FHC/L/CS/2628/2023 that the said court order obtained on January 11, 2024, “was obtained by suppression and concealment of material facts.”

The bank warned persons intending to purchase the assets of Borini Prono and Company Nigeria Limited to desist, in the interest of the rule of law. The assets include those located at under the Third Mainland Bridge, Lagos State and Borini Prono Premises in Kaduna, Kaduna
State. 

UBA made the disclosure in public notice last Friday.

The notice read: “This is to bring to the attention of the general public that United Bank For Africa Plc (UBA) has approached the Federal High Court sitting in Lagos in Suit NO. FHC/L/CS/2628/2023 to vary the ex-parte court order of court made on the 11th day of January 2024 being relied upon by Mr. Michael Igbokwe, SAN, as a purported Receiver Manager of Borini Prono and Company Nigeria Limited appointed by Union Bank Plc. 

“The  said court order was obtained by suppression and concealment of material facts. 

“UBA’s application is to restrain Mr Michael Igbokwe,SAN, from selling the assets of Borini Prono & Company Limited, including but not limited to assets located at under the Third Mainland Bridge, Lagos State and Borini Prono Premises in Kaduna, Kaduna State. 

“Anyone who purchases any asset of Borini Prono From Mr. Michael Igbokwe, SAN, acting as a purported Receiver for Union Bank Plc on the assets of Borini Prono does so at his or her own risk and in gross violation of the rule of law. you are hereby warned.”