N61.45bn Dispute: UBA Asks Court To Jail 9 As Battle For WEMPCO Assets Deepens

United Bank for Africa (UBA) Plc has urged the Federal High Court in Lagos to commit nine individuals linked to Western Metal Products Company (WEMPCO) to prison for allegedly forcibly removing a court-appointed receiver-manager from the industrial group’s steel factory in Ogun State, in defiance of a court order concerning a disputed N61.45 billion debt.

In a contempt proceedings instituted against the individuals, the bank accused them of wilfully disobeying an order dated 2nd April, 2026, that froze funds belonging to WEMPCO and other defendants and appointed a receiver-manager over specified assets.

In the notice of the committal proceedings filed in pursuant to the court order, the bank accused the respondents of “wilful, deliberate and orchestrated disobedience” of the court’s directive.

UBA is specifically asking the court to have them imprisoned until they comply with the order.

Those named in the proceedings are Lewis Shui Noor Tung, Phillip Shui Che Tung, Alhaji M.A. Ola Yusuf, Tung Lawrence Blake, Alli Aare Hadji Tokunbo, Paul Shui Po Tung, Robert Tung, CL Ip and Taiwo Alli.

In an affidavit, the bank alleged that court bailiffs had handed WEMPCO’s Magboro/Ibafo plant over to the appointed receiver-manager, Romeo Ese Michael, before the respondents allegedly mobilised thugs, broke the receiver’s locks and threatened his staff with “serious injury”.

It further alleged that the respondents continued to operate the business and divert funds despite the subsisting court order.

The listed contemptions have not responded to the application.

The contempt action stems from an order made on April 2 this year by Justice Akintayo Aluko, who directed the preservation of funds belonging to WEMPCO and related defendants, up to N61,445,695,993.76, across 27 banks and financial technology platforms.

The judge also appointed Michael as receiver-manager over assets not already pledged under a 2019 credit agreement.

The order directed the relevant financial institutions and platforms, including Moniepoint, OPay and Kuda, to disclose and preserve the defendants’ funds, subject to its terms.

The receiver-manager’s powers also extend to two Wärtsilä power generators associated with the dispute, wherever they may be found.

UBA maintains that the alleged removal of the receiver-manager and the respondents’ continued control of the factory have frustrated its efforts to enforce the order and recover the disputed debt.