Nigeria, Nov. 14 -- The Federal High Court in Lagos has granted First City Monument Bank Limited (FCMB) authority to take possession of properties and assets belonging to Bankers Warehouse Limited, Vandt Investment Limited, and Victor Hammond.

The bank took over possession of the property on Thursday.

Delivering the ruling on 6 October, the judge, Chukwujekwu Aneke, directed the Inspector General of Police and the Commissioners of Police in Federal Capital Territory, Lagos State and and Kano State to protect FCMB's appointed receiver, Nick Omeye, as he assumes control of the assets, which were pledged as security for a facility granted by the bank and guaranteed by Mr Hammond.

The court order allows police protection to ensure the plai...