Business

N50bn Debt: AMCON, Jimoh Ibrahim agree to settle out of Court

Published

8 years ago

July 12, 2016

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Reprieve came the way of businessman Jimoh Ibrahim on Monday, as a Federal High Court sitting in Lagos discharged an interim injunction empowering the Asset Management Corporation of Nigeria, AMCON, to take over some assets belonging to him over a N50bn debt.

The order came as both parties agreed to an out of court settlement of the issues involved.

The order for the release of the assets and bank accounts was therefore given by Justice Abdulazeez Anka following an application to that effect by AMCON, through its lawyer, Mr. Yusuf Ali, SAN.

It would be recalled that Justice Saliu Saidu, on June 14, 2016, had ordered the takeover of the assets and bank accounts of Ibrahim after listening to an ex parte application brought before it by AMCON through Yusuf Ali, pending the determination of the substantive suit.

The companies involved are NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

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However, Ali told the court on Monday that the parties to the suit had agreed to settle out of court, urging the judge to vacate the earlier order so that the parties can embrace amicable resolution of the issues.

Ali said: “In the spirit of good faith to show that we are doing this to promote equity and justice, we agree that the ex parte 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.”

Ali’s position was supported by defence counsels, Chief Niyi Akintola, SAN, Chief Bolaji Ayorinde, SAN, Ibrahim, who came to court robed as a lawyer.

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