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Court Freezes All Bank Accounts of NDDC Boss Nsima Ekere

Nsima Ekere, the managing director of the Niger Delta Development Corporation, NDDC, is locked in a financial scandal following a recent court order freezing all his bank accounts.

According to court documents available to SIGNAL, the NDDC boss who is a former deputy governor of Akwa Ibom State, had defaulted on a credit facility in the amount of N27 million that the defunct Oceanic Bank, now Ecobank Plc, had granted him.

All efforts by the bank to recover the debt yielded no results, as Mr. Ekere had refused to honour his obligations to the financial institution. Ecobank recently posted a huge loss which its auditors attributed to bad loans.

Unable to recover the debt, Asset Management Corporation of Nigeria, AMCON, the receiver company had no other recourse but to take Mr. Ekere to court to recover the money.

The details of this case, as detailed in the court papers, paint the picture of a corrupt man who is deficient in transparency, morality, and probity, which has been the governing mantra of the Buhari-led government. This revelation about one of the president’s top appointees seriously puts to test his on-going war on corruption.

In a ruling by Justice Ijeoma L. Ojukwu of the Federal High Court of Nigeria (Uyo Judicial Division) with a case number: FHC/UY/CS/36/2017, which was delivered on Thursday, March 20, 2017, the judge ruled that an “order of the Court granting interim possession of Plot 1. 52 Lagos Street (Ewet Housing Estate, Uyo, Akwa Ibom State belonging to the Defendant to the Plaintiff/Applicant; an Order of the Honourable Court directing the State Commissioner of Police to provide Mobile Police Security where the property is situate to assist in the enforcement of the order of the Honourable Court”.

The ruling went on to state “that an order is granted freezing all monies and/ or whatsoever assets due to the Defendant from all bank accounts maintained by the Defendant with all commercial banks in Nigeria to wit: ACCESS BANK NIGERIA PLC, CITI BANK PLC, DIAMOND BANK PLC, ECO BANK PLC, FIDELITY BANK PLC, FIRST CITY MONUMENTAL BANK, FIRST BANK OF NIGERIA, GUARANTY TRUST BANK PLC, HERITAGE BANK PLC, JAIZ BANK, KEYSTONE BANK PLC, SKYE BANK PLC, STANBIC IBTC BANK PLC, STERLING BANK PLC, STANDARD CHARTERED BANK PLC, UNION BANK PLC, UNITY BANK OF NIGERIA, UNITED BANK OF NIGERIA, WEMA BANK PLC, ZENITH BANK PLC, situate up to the Plaintiff/Applicant’s claim of the sum of N27,022,720.93 (Twenty Seven Million, Twenty-Two thousand, Seven hundred and Twenty Naira, Ninety Three Kobo) only being a debt owed by the Defendant as at 20th February 2017in respect to the credit facility granted to the Defendant/Respondent by the defunct Oceanic Bank International Plc. (now Eco Bank Plc.).

“The Defendant his agents, privies or any other person natural or artificial however so called under the control of the defendant is restrained from transferring or otherwise dealing with any monies standing to the credit of the Defendant with any of the aforementioned banks wherever situate up to the amount of the Plaintiff/Applicant’s claim of the sum of N27,022,720,93 (Twenty Seven Million, Twenty two thousand, Seven hundred and Twenty Naira, Ninety three Kobo) only being debt owed by the Defendant as at 20th February, 2017 in respect of the credit facility granted the Defendant by the defunct Oceanic Bank International Plc. (now Eco Bank Plc)”.

Observers say the current development calls to question Ekere’s capacity to play a role in executing President Muhammadu Buhari’s much touted war on corruption.


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Copyright 2017 SIGNAL. Permission to use portions of this article is granted provided appropriate credits are given to and other relevant sources.

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