United Bank for Africa (UBA) has escalated its N61.45 billion debt recovery battle against Western Metal Products Co. (WEMPCO) by petitioning a Lagos Federal High Court to imprison nine directors and associates for contempt.
The bank alleges the respondents orchestrated a violent takeover of its Ogun State steel plant, deploying thugs to evict a court-appointed receiver, break locks, and threaten staff with severe injury while continuing to divert company funds.
The dispute stems from an April 2 order by Justice Akintayo Aluko, which froze up to N61.45 billion across 27 financial institutions and fintech platforms including Moniepoint, OPay, and Kuda while appointing Romeo Ese Michael as receiver-manager over unpledged assets, such as two Wärtsilä power generators and linked entities like Lagos Oriental Hotel and United Rolling Mills.
The committal notice names high-profile figures including Lewis Shui Noor Tung, Phillip Shui Che Tung, and Nigerian Enamelware Co. Managing Director Taiwo Alli, following failed settlement talks initiated by WEMPCO’s legal counsel that ultimately collapsed when the defendants allegedly went incommunicado ahead of a scheduled joint site inspection.
