A major debt recovery dispute between United Bank for Africa Plc (UBA) and Western Metal Products Company Limited (WEMPCO) has escalated with nine individuals linked to the industrial conglomerate facing possible contempt proceedings over alleged interference with a court-appointed receiver-manager.
The case before the Federal High Court in Lagos centres on UBA’s attempt to recover N61.45 billion allegedly owed by WEMPCO and 16 related companies under credit facilities extended to the group.
Justice Akintayo Aluko had on April 2, 2026 granted an interim Mareva injunction restraining WEMPCO and the related companies from dealing with funds up to N61,445,695,993.76 held across 27 banks and financial technology platforms.
The court also directed the affected financial institutions to disclose funds belonging to the defendants in their custody and appointed a receiver-manager over certain unencumbered assets belonging to the group.
The dispute has now entered another phase following the issuance of a Form 48, Notice of Consequence of Disobedience to Order of Court, against nine individuals associated with WEMPCO.
The notice warns of possible committal proceedings for contempt following allegations that the individuals interfered with the activities of the receiver-manager appointed under the court order.
Those named in the notice include Lewis Shui Ngor Tung, Phillip Shui Che Tung, M.A. Ola Yusuf, Tung Lawrence Blake, Alli Aare Hadji Tokunbo, Paul Shui Po Tung, Tung Robert, Cl Ip and Taiwo Alli.
The underlying dispute relates to a Multicurrency Multiple Credit Facility Agreement dated September 30, 2019, through which UBA provided financing connected with WEMPCO’s industrial operations.
The court-appointed receiver-manager was also authorised in relation to assets outside those already covered by the credit agreement, including two Wärtsilä power generators identified in the court proceedings.
The case has implications beyond WEMPCO’s privately held businesses because some of the companies named in the proceedings have links to publicly traded and high-profile Nigerian businesses.
Among them is Nigerian Enamelware Company Plc, an NGX-listed company. Taiwo Alli, one of the individuals named in the Form 48 notice, is identified as its Managing Director and Chief Executive Officer, while Robert Tung serves on its board as a non-executive director.
WEMPCO has historically maintained significant interests across Nigeria’s steel, enamelware, ceramics, timber, agriculture and hospitality industries, including Lagos Oriental Hotel.
The debt recovery action comes at a time when Nigerian banks are strengthening credit-risk management following the removal of regulatory forbearance previously granted to some borrowers.
The banking industry’s non-performing loan ratio rose to 8.03 percent in January 2026 and 9.85 percent in February, according to figures cited in the source document, significantly above the Central Bank of Nigeria’s 5 percent prudential threshold.
Large corporate debt recoveries have consequently become increasingly important to banks seeking to improve asset quality, release provisions and preserve capital for additional lending to businesses and households.
However, the orders secured by UBA remain interim measures pending the substantive determination of the dispute. WEMPCO, the related companies and individuals named in the proceedings retain the right to challenge the claims and reliefs sought before the court.
The eventual outcome of the case will therefore determine the extent of UBA’s recovery and could have wider implications for corporate debt enforcement, creditor rights and banking-sector asset quality in Nigeria.
