By Innocent Anaba

Lagos—A Federal High Court sitting in Lagos has restrained an automobile and generator firm, R.T. Briscoe Nigeria Plc, from withdrawing its funds in any bank over an alleged N2.5billion debt owed Diamond Bank Plc.

Trial judge, Justice Ibrahim Buba also restrained the company, its directors or management from “operating, withdrawing from or otherwise tampering with the respondent’s funds in any bank or financial institution within Nigeria.”

The judge said the order will subsist until the bank’s application for the appointment of a provisional liquidator for the company was heard and determined.

Justice Buba also made a consequential order compelling the affected banks where R. T. Briscoe has accounts to furnish Diamond Bank or its firm of solicitors with details of credit outstanding in the company’s accounts within seven days.

The judge also barred R.T Briscoe from alienation, dissipating or transferring its fixed and moveable assets, properties, machinery and tools of trade until the bank’s application for appointment of a liquidator is determined.

Diamond Bank, in its winding-up petition, said R.T Briscoe was its long-standing customer since May 2012.

But, R.T Briscoe has urged the court to discharge or set aside the interim order of injunction because the bank allegedly suppressed and misrepresented material facts to the court.

The facilities, the bank said, were for the purchase of Toyota brands of vehicles and spare parts, importation of Atco brand of generators and compressors, purchase of a piece of land in GRA, augmentation of its working capital, among others.