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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3 years ago

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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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Osun Rep unveils N100m varsity scholarship

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8 hours ago

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December 9, 2023

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Hon. Lukman Kayode Mudashiru

Osun Rep unveils N100m varsity scholarship

The member representing Iwo/Ayedire/Ola-Oluwa Federal Constituency of Osun State, Lukman Kayode Mudashiru, has earmarked N100 million to sponsor indigent students from the constituency for university education.

A statement on Saturday from his media office said successful applicants would be sponsored for four-year undergraduate programmes at Ahman Patigi University, Kwara State.

Mudashiru had set up a scholarship committee comprising respected individuals from the community in order to ensure transparency and efficient selection process.

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He said the goal of the committee was to identify and support indigent students based on merit, assuring that the committee would discharge its duty judiciously “to maximize its impact on the lives of our youths.”

The lawmaker said: “This initiative is a testament to our unwavering dedication to the educational upliftment of our community. We are determined to ensure that deserving students receive the support they need to pursue higher education.

“Education is the bedrock of development, and I am proud to deliver on my promise to support the aspirations of our youths. This scholarship program is an investment in the future leaders of Iwo, Ayedire, and Olaoluwa Local Government Areas, and I am confident that it will yield positive results for our community.”

Osun Rep unveils N100m varsity scholarship

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Reps to monitor probe of military drone attack

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9 hours ago

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December 9, 2023

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Reps to monitor probe of military drone attack

The House of Representatives say it will monitor the investigation into the military drone attack that killed over 80 Nigerians in Kaduna State on Nov. 3.

Rep. Babajimi Benson, Chairman, House Committee on Defence, gave the assurance in a statement titled, “Tudun Biri tragedy elicits profound sorrow” in Abuja on Saturday.

He expressed regrets over the ugly incident, while tasking authorities of the Nigerian Army and other security agencies to prioritise the safety of civilians during operations.

He urged them to exercise utmost caution, and implement measures to prevent similar occurrences in the future.

He said: “The unfortunate incident in Tudun Biri community, Kaduna state, has cast a sobre mood over the hearts of all Nigerians; the House Committee on Defence is profoundly saddened by this regrettable incident.

“The loss of innocent lives in this tragic incident is heartbreaking, and our thoughts and prayers are with the affected families.

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“We would like to recognise the prompt admission of responsibility by the Nigerian Army following the accidental air strike.”

He commended various stakeholders who played crucial roles in alleviating the suffering of the victims.

He said the incident underscored the significance of exercising caution and precision in military operations, particularly in areas with civilian populations.

He said the committee acknowledged the complexities encountered by the Armed Forces of Nigeria in upholding security and addressing diverse threats across the country.

He commended the dedication and sacrifices exhibited by the Armed Forces and other security agencies in the service of the nation.

“It remains crucial for the public to steadfastly support our troops, acknowledging the intricate nature of the security environment in which they operate.

“The House Committee on Defence will closely monitor the investigations and work collaboratively with the military authorities to ensure that corrective measures are implemented to prevent the recurrence of such unfortunate incidents, ” he said.

Reps to monitor probe of military drone attack

(NAN)

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Tinubu commiserates Saudi Royal family over death of Prince

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9 hours ago

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December 9, 2023

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President Bola Ahmed Tinubu

Tinubu commiserates Saudi Royal family over death of Prince

President Bola Tinubu, on Saturday, commiserated with the Custodian of the Two Holy Mosques, King Salman of Saudi Arabia, and the Royal House of Saudi on the passing of Prince Talal bin Abdulaziz bin Bandar Al Saud who died in jet crash Thursday.

The Saudi Royal Court announced that Prince Talal Bin Abdulaziz died when the Saudi Arabian Air Force’s F-15SA fighter plane crashed in Dhahran on December 7.

However, it did not disclose the injuries that led to the prince’s death.

Talal, 62, who was on a training mission died alongside one other pilot.

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The last rituals for Talal will be carried out at the Imam Turki bin Abdullah Mosque in Riyadh, said the monarchy.

In a statement signed by his Special Adviser on Media and Publicity, Ajuri Ngelale, President

Tinubu expressed grief at the loss, acknowledging the departed Prince’s excellent and dedicated service to his country throughout his outstanding career in the Royal Saudi Air Force and the Saudi Intelligence Agency.

According to the statement titled ‘President Tinubu mourns Saudi Prince Talal Bin Abdulaziz Bin Bandar Al Saud,’ the President prayed God Almighty to grant repose to the soul of the departed, and comfort for the Royal House of Saud, the Kingdom, and all who mourn this irreparable loss.

Prince Talal joins a list of Saudi Royals who were either involved in or lost their lives in aviation accidents dating back to a 2017 helicopter crash that killed Prince Mansour bin Muqrin and seven others near the Saudi-Yemeni border.

Tinubu commiserates Saudi Royal family over death of Prince

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