Jimoh Ibrahim, NICON to challenge AMCON takeover of assets – Newstrends
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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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UNIPORT banning official activities during Sallah, public holidays satisfying – MURIC

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Executive Director of MURIC, Professor Ishaq Akintola

UNIPORT banning official activities during Sallah, public holidays satisfying – MURIC

The University of Port Harcourt (UNIPORT) has announced a ban on all academic and official activities during Sallah and other public holidays declared by the Federal Government. This decision follows objections raised by the Muslim Rights Concern (MURIC) regarding a field trip organized by the university on Eid al-Kabir, coinciding with this year’s celebration.

Prof. Ishaq Akintola, Director of MURIC, confirmed this development in a statement on Thursday night. He expressed satisfaction that UNIPORT responded positively to their objections and instructed all departments and faculties to strictly adhere to public holidays declared by the Federal Government.

“MURIC has confirmed that UNIPORT has instructed all departments and faculties to refrain from scheduling any official university programme or activity during Sallah and other public holidays declared by the FG,” Akintola stated.

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He acknowledged the university’s acknowledgment that organizing the field trip on Eid al-Kabir and the subsequent public holidays was inappropriate. He clarified that MURIC does not seek apologies, legal action, or damages, emphasizing Islam’s principles of forgiveness and tolerance.

“We are not pursuing this campaign for personal reasons but to uphold the fundamental rights of Muslims wherever they are infringed upon. We hope other tertiary institutions will learn from this incident,” Akintola added.

He concluded by expressing hope that lessons learned from this incident would guide future decisions regarding religious observances and public holidays in educational institutions.

UNIPORT banning official activities during Sallah, public holidays satisfying – MURIC

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Kano govt orders Ado Bayero palace demolition after court order

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Aminu Ado Bayero

Kano govt orders Ado Bayero palace demolition after court order

The palace of the 15th Emir of Kano, Aminu Ado-Bayero, has been marked for demolition by the State government.

The state governor, Abba Yusuf, ordered the demolition of the palace on Thursday.

The state Attorney General and Commissioner for Justice, Haruna Dederi, disclosed the development while addressing newsmen on Thursday.

According to him, the demolition will allow for the renovation of the palace which will commence immediately.

Dederi also stated that the Commissioner of Police has been expressly told to evict Bayero from the Nasarawa GRA mini palace where he resides.

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He said “concluded arrangements for the general reconstruction and renovation of the property including the demolishing and reconstruction of the dilapidated wall fence with immediate effect.”

The development marks a new turn in the tussle for the throne of the Emir of the ancient city.

The demolition order comes a few hours after the Federal High Court nullified the dethronement of Bayero.

The court ruled on its substantive suit validating the Kano Emirate Council Repeal Law 2024 but nullifying all actions of Governor Abba Yusuf following the passage of the law.

Kano govt orders Ado Bayero palace demolition after court order

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Sanusi remains Emir, says Kano govt despite court order

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Muhammadu Sanusi II

Sanusi remains Emir, says Kano govt despite court order

This is contained in the government’s reaction to a pronouncement by a Federal High Court on Thursday, June 20, 2024, nullifying the reinstallation of Sanusi to the throne.

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