By Innocent Anaba
LAGOS — A Federal High Court sitting in Lagos, yesterday, adjourned till September 27, for ruling on the petition by Access Bank Plc for the winding up of Negris Holdings Limited over its alleged inability to pay back the N2.7billion credit facility granted it.

Trial judge, Justice Okon Abang, adjourned for ruling, after listening to arguments by counsel to parties in the suit.

The court, meanwhile, did not vacate an earlier order in February, restraining the firm, its directors and agents from tampering with its funds in any bank or financial institution in the country pending the hearing and final determination of the application for the appointment of a provisional liquidator.

The court had also restrained the firm and agents from tampering with, alienating, transferring or dissipating any of the fixed and movable assets, property and machinery.

Access Bank’s counsel is Mr Kunle Ogunba, SAN.

The bank in the suit, had alleged that as one of its customers, it granted N2.7 billion credit facility to the  Negris, which it accepted, through an offer letter dated July 18, 2008, to finance the acquisition and take over of the Nigerian Newsprint Manufacturing Company Limited, that was in liquidation.

Negris’ counsel, Mr J. Badejo, SAN, yesterday, urged the court to set aside the order and dismiss the suit in its entirety and prayed the court to stay execution on the orders.

According to him,  the bank made false representations and suppressed material facts at the point of obtaining the orders.