Alleged N69bn Debt: Court Fixes Jan. 24 For AMCON’s Suit Against Jimoh Ibrahim
A Federal High Court, Abuja on Monday fixed Jan. 24, 2022 for a suit filed by the Asset Management Corporation of Nigeria (AMCON), seeking a stay of execution of orders it granted the businessman, Jimoh Ibrahim, over alleged N69 billion debt.
Justice Okon Abang fixed the date, following AMCON’s appeal filed against the order at the Court of Appeal.
Although counsel to AMCON was not in court, Mr Ibrahim was represented by Oladele Oyelami, who held brief for Chief Adeniyi Akintola, SAN.
Oyelami told the court that the matter was slated for hearing the notice of appeal served on the defence on Sept. 30 by AMCON.
But the judge said he could only adjourned to wait for the outcome of the Court of Appeal on the matter.
Abang, who adjourned the matter at the instance of the parties, held that the sitting would be to await the decision of the appellant court.
The News Agency of Nigeria (NAN) reports that AMCON, through its lawyer, Ade Adedeji, SAN, had indicated to appeal the orders made in favour of Ibrahim and his companies by Justice Abang by filing a motion for stay of execution with suit number: FHC/ABJ/001/2021 before the court.
Justice Abang had, on Feb. 22, vacated the orders obtained by AMCON in aid of Taiwo Lakanu, the receiver/manager, it appointed to manage the assets of two seized companies owned by Mr Ibrahim over alleged N69 billion debt.
The seized companies are NICON Investment Ltd and Global Fleet Oil and Gas Ltd.
The judge, in a ruling, held that it was an order made without jurisdiction because there was a subsisting order by a court differently constituted on the matter.
Justice Abang said that AMCON misled the court by withholding material facts from the court to obtain the interim ex-parte order.
NAN observes that Justice Nkeonye Maha of a Federal High Court, Abuja, had, on Jan. 4, granted the AMCON exparte motion.
The court had restrained the defendants, their directors, shareholders, officers, employees, agents or privies from interfering or obstructing Taiwo Lakanu (4th plaintiff) in the course of performing his duty as receiver manager whether by himself and or other persons employed by him over the 2nd and 3rd plaintiffs’ assets pending the determination of the originating summons, among others.
The judge made further consequential orders directing the Inspector General of Police (IGP) and other security officers named in the application, to provide Lakanu with all the needed assistance to execute his task.
While AMCON is the 1st plaintiff, NICON Investment Limited (in receivership), Global Fleet Oil and Gas Ltd (in receivership) and Taiwo Lakanu (appointed as receiver of 1st and 2nd plaintiffs) are 2nd to 4th plaintiffs in the suit.
In the matter with suit number: FHC/ABJ/001/2021, Ibrahim, NICON Insurance Ltd, Nigeria Re-Insurance Hotels Ltd, Abuja International Hotels Ltd and NICON Hotels Ltd are 1st to 5th defendants.
But in a ruling, Justice Abang vacated the main order and the accompanying consequential orders made by Justice Maha on the grounds that AMCON withheld facts from the court and that the orders were made without jurisdiction.
Abang noted that AMCON failed to disclose that the purported debt owed by NICON Investment and Global Fleet to Union Bank, which it bought, was the subject of a pending suit before the High Court of Lagos State in a suit marked: LD/1074/2010.
He added that AMCON also withheld from the court, in obtaining the said Jan. 4 orders, that a Federal High Court in Lagos presided over by Justice J. Oguntoyinbo, granted an order on Oct. 2, 2019, staying further proceedings in a similar case, marked: FHC/L/CS/776/2016, pending the outcome of proceedings in the suit before the High Court of Lagos.
Justice Abang added that since the order for stay of proceedings made on Oct. 2, 2019 by the Federal High Court, Lagos was not appealed, it was still subsisting and as a result, the Federal High Court in Abuja was without jurisdiction to have made the orders of Jan. 4.
The judge noted that the issue at stake was not about AMCON’s power to appoint a receiver/manager, but whether AMCON deposed to the court in Abuja, before obtaining the Jan. 4 orders, that there was a subsisting order made by the Lagos division on Oct. 2, 2019, staying proceedings.
“This is a clear case of concealment of material facts before the ex-parte order was made.
