Wednesday, November 24, 2010

N22bn debt: Union Bank’s suit against Ibrahim Jimoh, others begins

LEGAL tussle on Tuesday began at the Federal High Court in Lagos over a suit by the Union Bank of Nigeria Plc against five firms and their promoter, Mr. Jimoh Ibrahim, following the bank’s allegation that the defendants were owing it N22.25bn debt.

The five firms are NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Reinsurance Corporation Plc, NICON Insurance Limited and Union Registrars Limited.

The bank had filed an ex-parte application dated June 8 and also joined the Corporate Affairs Commission as co-defendants to the motion on notice

In his ruling on November 15, Justice Mohammed Idris restrained Global Fleet and its agents from dealing with its 51 per cent shares held in Nigeria Re and NICON by way of selling and transferring, pending the determination of the motion on notice.

When the matter came up on Tuesday, four Senior Advocates of Nigeria, Chief Niyi Akintola, Chief Bolaji Ayorinde, Mr. Tayo Oyetibo and Mr. Dele Adesina announced appearance for the defendants while Mr. Kemi Pinheiro (SAN) represented Union Bank.

Pinheiro later informed the court that there were two pending applications of his client dated November 8 and 22, saying that he was ready to move the application of November 8.

But Adesina told the court that the defendants were in the process of filing different applications -counter affidavit to the bank’s motion on notice and applications, asking the court to discharge the interim injunction.

He urged the court to grant a short adjournment in the interest of justice just as other defence lawyers aligned with his submission.

Justice Idris consequently adjourned the case till December 1 for further hearing.