A Federal High Court sitting in Lagos has given Fidelity Bank leave to commence bankruptcy proceedings against prominent billionaire businesswoman, Mrs. Chioma Ude.
Fidelity Bank vs. Chioma Ude
This is in relation to an alleged debt of ₦1,700,000,000:00 (One Billion, Seven Hundred Million Naira).
Agbakoba represents Fidelity Bank in bankruptcy case
The decision was reached on 30 April, 2024 after the court heard the argument of the creditor’s counsel, Olisa Agbakoba law firm.
The prayer to commence bankruptcy proceedings was granted by Mr. Justice Allagos, who stated that the creditors had presented prima facie evidence to support their claims against Mrs. Ude.
Bankruptcy proceeding is an aggressive tool to recover debts, and a declaration of bankruptcy by the court would severely limit Mrs. Ude’s ability to engage in business activities in Nigeria and around the world.
If declared bankrupt, Mrs. Ude would be required to disclose all her assets and liabilities, and her properties may be sold to settle the outstanding debts.
Fidelity Bank, Chioma Ude set for June 17
The proceedings in court are set to continue on June 17, 2024, when Mrs. Ude or her legal representatives are expected to present their case.
The outcome of these proceedings could have significant implications for Mrs. Ude’s business empire and her reputation in the business world.
