{
  "id": 16914432,
  "title": "UBA Intensifies N61billion Loan Recovery Drive, Seeks Jail Term For WEMPCO Directors",
  "url": "https://urgent.news/2026/10/28/uba-intensifies-n61billion-loan-recovery-drive-seeks-jail-term-for",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-28T14:45:30.000Z",
  "source": {
    "name": "Nairametrics",
    "slug": "nairametrics",
    "url": "https://nairametrics.com/2026/10/28/uba-intensifies-n61billion-loan-recovery-drive-seeks-jail-term-for-wempco-directors/"
  },
  "original_language": "en",
  "account": "The United Bank for Africa (UBA) has intensified its efforts to recover N61.45 billion owed by Western Metal Products Co. (WEMPCO) and is seeking jail terms for nine individuals linked to the industrial conglomerate. The Nigerian bank has filed a committal notice at the Federal High Court, accusing the respondents of \"wilful, deliberate and orchestrated disobedience\" of a court order from April 2. In that order, UBA requested that the nine individuals be imprisoned until they comply. The accused include Lewis Shui Noor Tung, Phillip Shui Che Tung, Alhaji M.A. Ola Yusuf, and several others, all of whom are associated with WEMPCO or its related entities. The court granted UBA the authority to freeze N61.45 billion across 27 banks and fintech companies, appointing Romeo Ese Michael as receiver-manager over the assets of WEMPCO-linked companies. UBA claims that after the Magboro/Ibafo plant was seized, the respondents brought in thugs, broke the receiver's locks, and threatened his staff with harm, preventing the plant from being properly managed. WEMPCO's lawyers have proposed an interim standstill, a joint reconciliation of the accounts, and a structured framework for repayment, but UBA argues that such a request is hypocritical given the violent actions of the respondents. The case tests whether Nigerian court receivers can effectively control a borrower's assets, and the outcome could have significant implications for other debtors facing similar challenges.",
  "summary": "United Bank for Africa (UBA) Plc has asked a Lagos court to send nine people linked to Western Metal Products Co. (WEMPCO) to prison. The bank alleges that they forced a court-appointed receiver out of the steel group’s Ogun State factory and the application is the latest step in UBA’s effort to recover N61.45 billion […] The post UBA Intensifies N61billion Loan Recovery Drive, Seeks Jail Term…",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}