Court lifts order freezing NICON, Global Fleet accounts

A Federal High Court, Lagos yesterday set aside an exparte order restraining NICON Investment Limited, Global Fleet Oil and Gas Limited and Mr. Jimoh Ibrahim from dealing with any assets or funds belonging to NICON Investment, Global Fleet Oil and other assets.

Justice Abdulazeez Anka set aside the exparte order following an application by counsel to Asset Management Corporation of Nigeria (AMCON), Yusuf Ali (SAN) indicating that parties have decided to explore amicable settlement of the dispute.

Justice Saliu Saidu of the same court had on June 14, 2016, granted to AMCON an interim injunction against NICON Investment Limited, Global Fleet Oil & Gas Limited and Mr. Jimoh Ibrahim.

However, NICON Insurance Limited, Nigeria Re-Insurance Hotels Limited, Abuja International Hotels Limited and NICON Hotels Limited had in a Motion on Notice, filed by their counsels led by Chief Niyi Akintola (SAN) and Chief Bolaji Ayorinde (SAN) prayed the court to set aside and discharge the exparte order on the grounds that AMCON deliberately failed to make full disclosure of all material facts before the court.

At the resumed hearing of the applications to discharge the exparte order yesterday, AMCON counsel, Ali told the court that since the provision of the Federal High Court rules encourages amicable settlement of dispute, parties have decided to meet and report back to court within two weeks.

“In the spirit of good faith to show that we are doing this to promote equity and justice, we have agreed that the exparte 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 Banks headquarters and they will report back within two weeks”, Ali said.

Confirming the agreement, Chief Niyi Akintola, Chief Bolaji Ayorinde and Jimoh Ibrahim, who appeared in lawyer’s regalia led a team of lawyers including Mr. Chijioke Ndubuisi, confirmed that parties have agreed to explore amicable settlement of the dispute, adding that the applicants have appointed the firm of Adewale Folowosele & associate to meet with those that will be nominated by AMCON and Union bank.

However, Ali told the court that as soon at names of accountants nominated my AMCON and Union bank are ready, their names would be forwarded to the applicants.

In a short ruling, Justice Anka discharged the order and adjourned the matter till August 1, 2016.