He is to appear along with CBN Director of Legal Services, Mr. A.O. Ogundana and Director of Banking and Payment Systems Department, Mr. Dipo Fatokun. The court had granted an application by Ecobank Nigeria Limited to commence contempt proceedings against them. The bank accused CBN under Emefiele’s watch of frustrating its effort to recover a debt allegedly owed it by an oil marketing firm, First Deepwater Discovery Limited. The bank claimed to have been hamstrung by CBN’s alleged refusal to comply with an order of court made on July 1 despite being duly served since July 16. The order mandated the CBN to redeem a Sovereign Debt Note issued in favour of Ecobank by the Debt Management Office in respect of fuel subsidy claims accruable to First Deepwater. Ecobank’s lawyer, Mr. Kunle Ogunba, alleged that Emefiele and the directors were directly responsible for CBN’s alleged refusal to obey the order. He claimed that their alleged refusal had obstructed Ecobank from performing its preservatory functions over assets of First Deepwater, through the receiver/manager appointed by the bank in line with a court order. He urged the court to allow service of Form 48 on Emefiele, Ogundana and Fatokun.]]>

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