Court orders bank to nominate auditors in N50b suit against Jimoh Ibrahim

Justice Abdulazeez Anka of the Federal High Court, Lagos, yesterday ordered Union Bank of Nigeria to nominate a chartered accountant within seven days for the purpose of carrying out a forensic audit of the statement of accounts of the N50billion loan the bank allegedly granted to businessman, Mr. Jimoh Ibrahim.

The accountant will work with two other accounting firms nominated by Asset Management Corporation of Nigeria (AMCON) and Barrister Jimoh Ibrahim.

The judge had on July 11 discharged an interim order granted to AMCON to take over some assets belonging to Ibrahim.

As a result, the defendants appointed the firm of Adewale Folowosele & Associate to meet with those that will be nominated by AMCON and Union Bank respectively.

At the resumed hearing of the suit yesterday, counsel to AMCON, Yusuf Ali (SAN), informed the court that AMCON has nominated KPMG but Union Bank was yet to present its nomination.

“I recall that at the last adjourned date, we agreed that parties should appoint chartered accountants. I am happy to report that the defendants appointed the firm of chartered accountants Adewale Folowosele & Associate and AMCON appointed KPMG and it is left for Union Bank to appoint its chartered accountant, especially as the bank is the primary creditor.

“We want the court to order that the three firms of chartered accountants agree on a date and time to meet at the Union Bank headquarters to carry out forensic audit of the disputed accounts and report the progress of what they have done back to the court,” he stated.

Ali urged the court to order Union Bank to appoint a chartered accountant within seven days to carry out the forensic audit as agreed by parties.

He wondered why Union Bank was foot-dragging in appointing a chartered accountant to carry out the audit, stressing that the outcome of the forensic audit will form the basis for amicable settlement of the issue.

He said the issue had been the subject of litigation between Union Bank and the defendants and he would have expected Union Bank to embrace the directive to audit the account.

In his ruling, Justice Anka granted the application and ordered Union Bank to within seven days present its nomination. He subsequently adjourned the matter to September 28 for the report of settlement.