Alleged debt: Court de-freezes NICON, Global Fleet accounts

 

By Lukman Olabiyi
Justice Abdulazeez Anka of the Federal High Court, Lagos, yesterday, discharged an interim order granted to Asset Management Corporation of Nigeria (AMCON) to take over some assets belonging business mogul, Barrister Jimoh Ibrahim, over alleged indebtedness.
The court set aside the exparte
order following an application by lawyer to AMCON, Yusuf Ali, that parties have decided to explore amicable settlement of the dispute. A sister court, presided over by Justice Saliu Saidu, had, on June 14, 2016, granted AMCON, an interim injunction against NICON Investment Limited, Global Fleet Oil and 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 on notice filed by their lawyers, led by Chief Niyi Akintola and Chief Bolaji Ayorinde, 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.
At the resumed hearing of the applications to discharge the exparte order yesterday, AMCON’s lawyer, Ali told the court that since the provision of the Federal High Court rules encourages amicable settlement of dispute, the parties decided to meet and report back to court within two weeks.
Confirming the agreement, Chief Niyi Akintola, Chief Bolaji Ayorinde and Jimoh 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 coAddressing the court, Akintola submitted that parties had agreed to explore amicable settlement of the dispute, adding that the applicants had appointed the firm of Adewale Folowosele and associates to meet with those that would be nominated by AMCON and Union bank.
“We have appointed Adewale Folowosele and Associate while awaiting that of AMCON and Union bank, respectively. Consequently, I apply that the exparte order of June 14, 2016, should be discharged and parties will return back to court within two weeks’’.
However, Ali told the court that as soon names of accountants nominated by AMCON and Union bank are ready, they will be forwarded to the applicants.
In a short ruling, Justice Anka discharged the order and adjourned the matter till August 1, 2016.
Earlier, Akintola and Ayorinde, in their applications, had told the court that the properties attached by the interim order belong to the applicants who were not parties to the suit filed by AMCON, thereby, making it illegal, unlawful 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 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 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 its 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 bring 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 and Co, stated that none of the properties attached in the exparte order belongs to any of the defendants; NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim.
According to the deponent, the exparte order was obtained via suppression and misrepresentation of material facts by the plaintiff (AMCON) and it was obtained in bad faith against persons who are not parties to the suit.

source: Sun News