Court Grants Leave to Commence Bankruptcy Proceedings Against Billionaire Business woman, Mrs. Chioma Ude

A Federal High Court sitting in  Lagos has authorized creditors to initiate bankruptcy proceedings against prominent billionaire businesswoman Mrs. Chioma Ude, in connection with an alleged debt of ₦1,700,000,000:00 (One Billion, Seven Hundred Million Naira). This decision, rendered on April 30, 2024, followed deliberations where the court considered the arguments presented by the creditor’s counsel,  Olisa Agbakoba Legal.

The court’s ruling, delivered by Mr. Justice Allagoa, deemed the evidence presented by the creditors as prima facie, thereby granting their prayer to commence bankruptcy proceedings against Mrs. Ude.

Bankruptcy proceedings, regarded as a forceful means to recover debts, carry significant ramifications for Mrs. Ude, potentially impeding her business endeavors both within Nigeria and internationally. If declared bankrupt, Mrs. Ude would be compelled to disclose all her assets and liabilities, with her properties subject to sale for debt settlement.

Mrs. Chioma Ude, a prominent figure in the Nigerian business world with investments spanning diverse sectors including  real estate and entertainment, finds herself at the center of this legal battle. The news of these proceedings has reverberated throughout the business community, eliciting surprise and speculation.

The court proceedings are scheduled to resume on June 17, 2024, providing Mrs. Ude or her legal representatives an opportunity to present their case. The outcome of these deliberations holds profound implications for Mrs. Ude’s business empire and her standing within the corporate world.