Ruling will be given today – Thursday - by a Lagos High Court in a contempt case filed by the Lagos State government against Power Holding Company of Nigeria, PHCN, and two banks for disobeying a court order restraining PHCN from dealing with the monies standing to its credit in specified accounts with First Bank and Zenith Bank. The PHCN on the other hand had through its counsel, Babatunde Ajibade, filed an application seeking to discharge and set aside the orders of interim injunctions.
At the resumed sitting of the court on Tuesday, Ajibade sought to proceed with the application to set aside the orders.
This was, however, met with a vehement objection by Lagos State government represented by its counsel, Olasupo Shasore.
According to him, PHCN had acted in disobedience of the court orders and therefore cannot seek to approach the court for the exercise of any discretion in its favour. He took the court through the statements of account filed by First Bank, which revealed that the PHCN made withdrawals of huge amounts from the specified accounts after PHCN and First Bank had been served with the orders.
He tendered documents showing the transfer of funds from the said accounts to the tune of over N100 million in over eight transactions.
He further informed the court that the said disobedience to the court order continued even after the respondents were duly served (in the case of the 2nd respondent).
Ajibade, however, denied knowledge of the service of forms 48 and 49 on his client, and informed the court that there was a possibility that the said forms did not get to the respondents.