ALLEGED DEBT: COURT LIFTS BAN ON NICON, GLOBAL FLEET ACCOUNTS

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Justice Abdulazeez Anka of the Federal High Court, Lagos Division, on Monday discharged an order granted to Asset Management Corporation of Nigeria (AMCON) to take over some assets of business mogul, Jimoh Ibrahim, over an alleged N50 billion debt. Justice Anka set aside the interim ex parte order following an application by AMCON’s lawyer, Yusuf Ali (SAN) that parties have decided to explore an amicable settlement of the dispute.

A sister court presided over by Justice Saliu Saidu had on June 14, granted AMCON an interim injunction against NICON Investment Limited, Global Fleet Oil and Gas Limited and Chief 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 (SAN) and Chief Bolaji Ayorinde (SAN), prayed the court to set aside and discharge the ex parte 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 order on Monday, Ali told the court that since the provision of the Federal High Court rules encourages amicable settlement of disputes, parties have decided to meet and report back to court within two weeks.

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