The Chairman of First Bank of Nigeria Limited, Mrs. Ibukun Awosika, alongside its Managing Director, MD, Dr. Adesola Adeduntan, were yesterday, Wednesday, June 6, convicted for contempt of court by Justice Ibrahim Buba of a Federal High Court sitting at Ikoyi, Lagos State.
The court arrived at the decision after throwing out their preliminary objection to a contempt charge instituted against them by Ejama-Ebubu community in Eleme Local Government Area, Rivers State.
Justice Buba found the bank officials guilty of refusal of the bank to release N17bn and interests that First Bank allegedly guaranteed to pay the community on behalf of Shell Petroleum Development Company of Nigeria Limited.
The bond came consequent upon the judgment debt against SPDC in an oil spill suit initiated by the community.
But the trial court had the sentencing suspended for three months to enable the bank and its officials purge themselves of the contempt.
It would be recalled that Justice Buba entertained the matter while sitting at the Port Harcourt division of the court, wherein he awarded N17bn to the community’s representatives in 2010, as well as 25 per cent interest on the principal sum, among other reliefs.