Breaking NewsBusinessLegal

Jimoh Ibrahim Fights For Seized Assets, Says AMCON Misled Court On Injunctions

Jimoh Ibrahim

Businessman, Jimoh Ibrahim has issued a statement alleging that the Asset Management Company of Nigeria, AMCON misled the court to obtain the injunctions against his companies and accounts.

Recall that AMCON took over the properties of the promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited, after the former got a court injunction of temporary forfeiture.

But Ibrahim says AMCON was misled, adding that he does not own the majority of the property attached by the interim order granted to AMCON. In addition, he said the bank and AMCON cannot be pursuing the same matter simultaneously in two different courts and that AMCON cannot buy a loan that is collateralised with cash.

The statement read in part, “One question begging for an answer, in this case, is how the corporation secured a second interim injunction when the first one obtained by the same institution has been discharged.”

According to Ibrahim, on October 2, Justice Oguntoyinbo J. of the Federal High Court, Lagos in a matter brought by AMCON against NICON Investment and others held:

“In view of the facts and a consideration of the fuller facts contained in the affidavit before the court, this honourable court is minded to stay proceeding in this suit pending the outcome of the suit before the state High Court.

“I believe that is just the best thing to do in the circumstances. Accordingly, the lone issue formulated for determination by the court is hereby resolved against the plaintiff (AMCON) in favour of the defendants (NICON INVESTMENT), and relief 2 is granted as prayed.

“In effect, the proceedings in this suit are hereby stayed pending final determination of suit no: LD/1074/2010 before Hon. Justice Oyefeso of Lagos High Court.” Owing to the foregoing, he wondered how AMCON secured another interim injunction when the same court had stayed the said matter.”

Mr Ibrahim continued his statement by asking if AMCON’s lawyer informed the court about the Justice Oguntoyinbo order, adding that his bank had filed a defense before Justice Oyefeso admitting that he had a deposit of over £137 million.

According to him, the bank’s statement before Justice Oyefeso read, “An order for the sale of the funds standing to the credit of the pound sterling fixed deposit account maintained by the 1st defendant to the counterclaimant; the proceed of which shall be applied in liquidation or part liquidation of the judgment sum as may be awarded against 1st and 2nd defendant counterclaim.”

The statement continued, “The amount is also contained in the statement of account issued to Ibrahim and published in THISDAY Newspaper. Vol. 13 No. 5692. The said pound sterling is three times higher than the amount borrowed by my companies. When Justice Oguntoyinbo J ruled on October 2nd, 2019, that the proceedings in this suit are hereby stayed pending the final determination of case no: LD/1074/2010 before Hon. Justice Oyefeso of Lagos High Court, was the said court, not functus officio?

“A Bank also acknowledges another deposit of £125m from my second company, Global Fleet Oil and Gas Limited, making a total deposit of over £250 million 10 years ago and running at a five per cent interest rate, so who is owing who? My NICON investment admitted borrowing N26 billion to which £137 million was used to secure the bank’s said loan.

“Can AMCON sustain the interim order in the face of the apparent facts because there is no returnable date in the court file? “Again, AMCON did not sign any undertaking for a temporary injunction in the events facts were misrepresented to the court as required by the rules of Federal High court.”

Vanguard reports that Mr Ibrahim noted that surprisingly, the lawyer on the record before Justice Oguntoyinbo was Yusufu Ali as counsel to AMCON, asking: “So when was the change of counsel done with the motion on notice with the interim injunction?”

He said the new counsel to AMCON, Mr Kemi Pinheiro, was the lawyer to the Bank who opposed AMCON joining the case at the Lagos High Court.

Ibrahim has promised to take up AMCON lawyer’s activities with the legal practitioners’ disciplinary committee “but not on the pages of newspapers.”

BREAKING: Two ‘die’ as Prisons officials, commercial motorcyclists clash in Ibadan

Previous article

Ethiopia: Threat of Major Hostilities in Mekelle Seriously Imperils Civilian Lives – Bachelet

Next article

You may also like


Leave a Reply