Alleged debt: Court defreezes NICON, Global Fleet accounts

Respite came on Mondaythe way of business mogul, Barrister Jimoh Ibrahim, as a Federal High Court, Ikoyi, Lagos discharged an interim order granted to Asset Management Corporation of Nigeria to take over some assets belonging to him over an alleged indebtedness.

Justice Abdulazeez Anka set aside the exparte order following an application by lawyer to Asset Management Corporation of Nigeria (AMCON), Yusuf Ali (SAN) that parties had decided to explore amicable settlement of the dispute.

Justice Saliu Saidu had on June 14, 2016, granted AMCON an interim injunction against NICON Investment Limited, Global Fleet Oil & Gas Limited and Mr. Jimoh Ibrahim.

But, NICON Insurance Limited, Nigeria Re-Insurance Hotels Limited, Abuja International Hotels Limited and NICON Hotels Limited, had in a motion notice, filed by their lawyers – led by Chief Niyi Akintola (SAN) and Chief Bolaji Ayorinde (SAN) – prayed the court to set aside and discharge the exparte order on the grounds that AMCON deliberately failed to make full disclosure of all material facts before the court.

When the matter came up yesterday for hearing of the applications to discharge the exparte order, AMCON lawyer, Yusuf Ali, told the court that since the provision of the Federal High Court rules encourages amicable settlement of dispute, the parties had decided to meet and report back to court within two weeks.

His words: “In the spirit of good faith, to show that we are doing this to promote equity and justice, we agree that the exparte order should be suspended, so that parties can explore the issue of settlement. We have an agreement that each of the parties will nominate one chartered accountant each that will carry out forensic audit of the account. Since, Union Bank is the principal bank that gave out the loan, the accountants will meet at Union Bank’s headquarters and they are to report back within two weeks.”

Confirming the agreement, Akintola, Bolaji Ayorinde and Ibrahim, who led a team of lawyers, urged the court to set aside the exparte order, so as to give parties unfettered access to meet and report back to the court.

Addressing the court, Akintola submitted that the parties had agreed to explore amicable settlement of the dispute, adding that the applicants had appointed the firm of Adewale Folowosele & Associate to meet with those that would be nominated by AMCON and Union Bank.

“We have appointed Adewale Folowosele & Associate and await that of AMCON and Union Bank. Consequently, I apply that the exparte order of June 214, 2016 should be discharged and parties will return to the court within two weeks”.

However, Ali told the court that as soon at names of accountants nominated my AMCON and Union Bank were ready, their names would be forwarded to the applicants.

Justice Anka discharged the order and adjourned the matter till August 1, 2016.

Earlier, Akintola and Ayorinde  had told the court that the properties attached by the interim order belonged to the applicants, who were not parties to the suit filed by AMCON, thereby making it illegal and contrary to the provisions of Section 28 of the NICON Insurance Corporation of Nigeria Act, Cap N54 Laws of the Federation of Nigeria, 2004.

Ayorinde submitted that the applicants were not borrowers or beneficiaries nor were they guarantors to the debt owed to the plaintiff (AMCON).

He further argued that that AMCON failed woefully to comply with the condition precedence by serving a pre- Action Notice on the applicants nor has the plaintiff sought the leave of the court before joining the applicants to the main suit in their writ of summon purportedly filed on June 27, 2016.

“We submit that a court is only competent when a case comes before it by due process of law and upon fulfillment of any condition precedent to the exercise of jurisdiction. Any defect on the competence of the court is fatal to the proceedings before the court and renders it a nullity.

“We also submit that the only condition under which the hounourable court can entertain the application of a person who is not a party to the suit is when the party has first sought for and obtained the leave of the court before bringing the action”, Ayorinde argued.

The applicants had, in a 24-pragraph affidavit in support of the Motion on Notice, deposed to by one Gbenga Onilude, a litigation officer in the law firm of B. Ayorinde & Co, stated that none of the properties attached in the exparte order belonged to any of the defendants – NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim.