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Jimoh Ibrahim, NICON to challenge AMCON takeover of assets

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NICON Investment and billionaire businessman Jimoh lbrahim are set to approach the court for an order quashing the interim injunction obtained by AMCON against them.
AMCON had in a statement last week said it had taken over Ibrahim’s assets over an unsettled N70 billion loans obtained from Union Bank.
AMCON listed the assets as the building of NICON Investment Ltd at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Ltd on Plot 557, Port-Harcourt Crescent, Off Gimbiya Street, Abuja and the building of NICON Lekki Ltd also on No. 5, Customs Street, Lagos.
Others are the building of Abuja International Hotels Ltd located on No. 3, Hospital Road, Lagos; another Property on Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi ExpressWay, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.”
A report by The Nation said both NICON Investment and Ibrahim would plead before the court that the order granting AMCON possession of the assets was not properly obtained.
They are set to contend that AMCON did not avail the court of all the facts of the dispute between them.
Some of the questions they would want the court to answer are:
• How did AMCON secure a second interim injunction when the first injunction it obtained some years ago had allegedly been discharged?
• Did AMCON inform the court that on October 2, 2019 Justice Oguntoyinbo of the Federal High Court, Lagos, in a suit it instituted against NICON Investment and others, held that in view of the facts contained in the affidavit before the court, the court was minded to stay proceeding in the suit pending the outcome of the suit before a Lagos high court presided over by Justice Oyefeso?
NICON Investment and Ibrahim are wondering if judicial notice was taken of Justice Oguntoyinbo’s ruling in which he said “the lone issue formulated for determination by the court is hereby resolved against the plaintiff (AMCON) and in favour of the defendants (NICON INVESTMENT).”
A NICON Investment executive, in an interview with The Nation, wondered whether Justice Aikawa’s attention was drawn to Justice Oguntoyinbo’s order before the temporary order granting AMCON the possession of the assets was given.
He said, “In the High Court of Lagos before Justice Oyefeso, Union Bank, in her statement of defence filed in court, admitted that Jimoh had a deposit of over £137 million.
“The bank prayed the court as follows: ‘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 counter claimant; 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 counter claimants.”
According to him, the £137 million with Union Bank is three times higher than the amount he and his companies borrowed from the bank.
Besides, he claimed the bank acknowledged another deposit of £125 million from another company of his, Global Fleet Oil and Gas Limited, making a total deposit of £250 million with it 10 years ago at five per cent interest.
“Out of the total deposit of £250 million with Union Bank, £137million was used to secure the loan, he said adding, who is owing who?” he asked.
Ibrahim and his company, the executive said, are upbeat that AMCON cannot sustain the interim order against him and his companies “because there is no returnable date on the court file.”
He also claimed that AMCON “did not sign an undertaking for a temporary injunction in the event that facts were misrepresented to the court as requested by the rules of the Federal High Court.”
According to him, Mr. Kemi Pinheiro (SAN), AMCON counsel in the new case had represented Union Bank in the suit before Justice Oguntoyinbo while Mr. Yusuf Alli (SAN), represented AMCON. Union bank, according to him, opposed AMCON joining the case at the Lagos High Court.

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News

Total power blackout in Kaduna as Labour unions begin strike

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on

The Management of Kaduna Electric has said that the current total power blackout in Kaduna State was due to the ongoing five-day warning strike embarked by labour unions.

Abdulazeez Abdullahi, Head of Corporate Communication of the company made the announcement in a statement issued on Sunday in Kaduna.

“In compliance with the NLC directive, the Transmission Company of Nigeria, TCN has knocked off all our 33KV lines in Kaduna State.

“Consequently, we are appealing to all communities, security agencies and vigilante groups to be vigilant so that men of underworld will not cash in on the situation to vandalise power supply installations.

“Any suspicious movement around distribution sub-stations (transformers) should be reported to the relevant security agency”, he said.

He stated that it is the collective responsibility of citizens to protect critical national assets in their neighborhood.

Abdullahi added that the company appeals to both labour unions and Kaduna State Government “to strive at an amicable resolution for normalcy to return”.

NAN

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Osinbajo offers scholarship to Ekiti artist Abosede Okeowo

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on

Vice President Yemi Osinbajo has offered a gifted physically challenged artist, Ms Abosede Okeowo,  a US online scholarship to enhance her skills.

Osinbajo’s spokesman, Laolu Akande, in a statement on Sunday in Abuja, said the presentation was made recently at the palace of Oba Adekunle Adeagbo, the Oore of Otun-Ekiti in Ekiti.

The 27-year-old artist had presented Osinbajo with his pencil portrait during his courtesy visit to the Ooni of Ife in 2020.

Inspite of her limitations, Okeowo focuses on her artistic skills and has gained recognition because of her talent.

Okeowo, an indigene of Otun Ekiti in Ekiti State, suffered an illness when she was a child which resulted in her current state of health.

The self-taught artist who, nurtured her talent in drawing to her current stage of expertise, is known for making drawings of many dignitaries.

Okeowo first caught the attention of the vice president when she drew a portrait of his wife, Dolapo.

She yet again enthralled Osinbajo with her skills when she drew and presented a lifelike portrait of him.

Osinbajo, the statement said, was represented at the presentation by a team led by Sen. Babafemi Ojudu, Special Adviser to the President on Political Matters.

Also in the team was Dr Ebi Awosika, Senior Technical Assistant to the Vice President on Community Engagement.

In her remarks, Awosika expressed gratitude to God for Okeowo, saying it was just the beginning of greatness for the young artist.

She presented to the talented artiste a special wheelchair, laptop and a scholarship in Hyper-Realistic Portrait Course, a virtual course offered through an American online programme.

“This scholarship will help Okeowo to realise her dreams and desire to own an establishment where she can teach others how to draw and help those who are physically challenged to also fulfill their life ambitions,”the statement quoted her as saying.

In his remarks, Adeagbo, who received the delegation on behalf of Okeowo’s family and Otun Ekiti community expressed gratitude to the vice president and his wife for making life meaningful for the artist and her family

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Ekiti to embark on Rice pyramid project

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on

Ekiti State Government on Sunday said it intends to produce of over one million metrics tonnes of rice within the next couple of years.

Mr Olabode Adetoyi, Commissioner for Agriculture and Food Security, made this known in Ado Ekiti at a news conference ahead of the official launch of the ” Ekiti Rice Pyramid Project” and flag off of the 2021 Wet Season Rice Cultivation, scheduled for Tuesday.

According to him, Mr Godwin Emefiele, the Governor, Central Bank of Nigeria, would perform the inauguration of the rice pyramid project while Gov. Kayode Fayemi, would be the chief host.

The commissioner said the state was embarking on massive production of rice so as to be able to meet both local demands and for export.

He explained that the state government had brought in investors, who were ready to invest in planting and processing of rice, adding that the product would be of high standards and stone free.

Adetoyi added that the state government was working assiduously towards ensuring that youths ventured into farming by making it more attractive and lucrative, through various agricultural incentives

He assured farmers in the state that the government would not fail in providing adequate security for them to enable them go to their farms anytime without entertaining fears

Adetoyi disclosed that 23 new investors had already been allocated lands to plant rice, cocoa and palm oil, among others, as the government was doing all to attract investors through provision of enabling environment.

“ Top notch rice processing plant like Stallion, Dangote and Jumlar rice have been allocated land in premium location in Ekiti Knowledge Zone for quality rice production.

“ Land clearing and development of over 5,000 hectares of land for commercial agriculture is also on, out of which 1,000 is cleared for swampy rice along the river banks and valleys in the state. Over 40,000 hectares is to be made available as time goes on,” he said.

The commissioner said that the Federal Government under President Muhammadu Buhari, had conceived the Anchor Borrowers Programme (ABP) under the Central Bank of Nigeria (CBN) to provide easy access to credit for farmers and processors at low interest rate, among others.

He added that the government of Japan had also brought in some equipment such as harvesters to provide high quality rice production in the state.

Adetoyi warned people in the habit of setting fire to bushes while hunting game to desist from such acts to avoid causing damage to peoples’ farms.

According to him, some farms had been destroyed in the process.

The commissioner said that government had approved money to buy seedlings that would be distributed to those farmers who lost their farms in such preventable fire incidences.(NAN

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