Media propaganda against the Director General of the Debt Management Office, Dr. Abraham Nwankwo in an issue involving First Deep Water Discovery Limited and its debtors are actually campaigns sponsored by one of the creditors, Ecobank Nigeria Limited led by the Managing Director, Mr. Jubril Aku to intimidate and blackmail the DG for refusing to play side to any of the parties, no matter how powerful they may be.
Further digs revealed that the case is actually a contest involving six parties, including Ecobank against First Deep Water Discovery Limited. Our findings shows that the DG might actually be a victimcaught in a cross fire of a fight among some powerful parties in the course of his duties.
We gathered that there are several suits presently at the Federal High Court involving First Deep Water Discovery and other creditors, including Ecobank Nigeria Limited, who have approached the Court to recover their monies from the First Deep Water Discovery.
The Debt Management Office is the agency saddled with the responsibility for issuing Sovereign Debt Notes for subsidy payments to oil marketers, which has made it the focus of these court actions. We learnt that the monies for which Ecobank is seeking the court to commit the Director General of DMO to prison is the subject of dispute between the following parties who all have a court order/judgment demanding the DMO to pay the same money to them.
The company battling First Deep Water Discovery Limited in court include: First Bank of Nigeria PLC, Stallionaire Energy Limited, Olive Energy Limited, Bargamo Shipping Limited, Sulphur Stream Limited, Faiceck Petroleum Limited.
We also gathered that the DMO has filed a response to the committal proceeding in the Ecobank Nigeria Limited suit and that the court has adjourned for hearing on.
To this end, this matter is complicated since there are many claimants for the same monies, as such any suggestions and inferences in the same respect is subjudice.
From the play out, it appears that the DMO is being blackmailed to favour Ecobank at the expense of the other parties and the DMO, hence, the headlong smear campaign against the DG.