UPDATE: First Bank investors lose N1.79bn, as court seals headquarters, seizes properties over debt

Agency Report

During the week, First Bank investors lost N1.79 billion in five days of trading, coupled with the FCT High Court Enforcement Unit in Abuja, shutting down the operation of First Bank over a debt.

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.

According to NAN, the lender didn’t comply with the court order, hence court officials visiting First Bank headquarters in Abuja with towing vans to seize properties such as stand-by generators and Hilux vans.

Also, air conditioners, amongst other valuables, were carted away from First Bank, to make up for the undisclosed debt, with workers of the commercial bank stating that the situation was embarrassing.

The FCT High Court Enforcement Unit sealing the bank’s building based on a garnishee order obtained by a judgment creditor, whom the commercial bank owes money, caused panic among workers in the firm.

And there was also panic on the exchange floor during the week, as sell off among stakeholders sent First Bank’s share down by -0.45%, to close Friday’s trading at N10.95kobo, below N11.

This led to investors in the firm losing -0.45% of their investment, which represents a loss of N1.79 billion after five days of trading, and knocked down First Bank market valuation to N393.05 billion, from N394.8 billion.

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