ONE question begging for an answer in the ongoing case of AMCON against NICON Investment and Jimoh Ibrahim is : how did AMCON secure a second interim injunction when the first one obtained by the same institution was discharged ?
On October 2, 2019 , Justice Oguntoyinbo J of the Federal High court Lagos in a matter bought by Amcon against Nicon investment and others held that “in view of the facts and a consideration of the fuller facts contained in the affidavit before the court, this honorable court is minded to stay proceeding in this suit pending the outcome of the suit before the state High Court. I believe that is just the best thing to do in the circumstances. Accordingly, the lone issue formulated for determination by the court is hereby resolved against the plaintiff (AMCON) in favour of the defendants (NICON INVESTMENT), and relief 2 is granted as prayed. In effect, the proceedings in this suit are hereby stayed pending final determination of suit no LD/1074/2010 before Hon. Justice Oyefeso of Lagos High Court.”
So , how did AMCON secure another interim injunction when the same court had stayed the said matter? How did Justice AIKAWA grant a temporary order of injunction? Did Amcon’s lawyer inform the court of the Justice Oguntoyinbo order?
In the high court of Lagos before Justice Oyefeso, Union Bank, in her statement of defense filed in court, admitted that Jimoh had a deposit of over a 137million pounds. 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 counterclaimant; 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 counterclaim”. The amount is also contained in the statement of account issued to Jimoh and published in This Day Newspaper. Vol. 13 No. 5692. The said pound starling is three times higher than the amount borrowed by Jimoh Companies.
When Justice Oguntoyinbo J ruled on October 2nd, 2019, the proceedings in this suit are hereby stayed pending the final determination of case no: LD/1074/2010 before Hon. Justice Oyefeso of Lagos High Court.” Is the said court not functus officio?
Union Bank also acknowledged another deposit of £125m from Jimoh second company, Global fleet oil and gas limited, making a total deposit of over 250 million pounds ten years ago and running at a 5% interest rate, so who is owing who ? Jimoh Nicon’s investment admitted borrowing 26 billion naira, to which £137 million was used to secure the bank’s said loan.
Can Amcon sustain the interim order in the face of the apparent facts because there is no returnable date in the court file? Again, Amcon did not sign an undertaking for a temporary injunction in the events facts were misrepresented to the court as required by the rules of Federal High court.
Surprisingly, the lawyer on the record before Justice Oguntoyinbo J is Yusufu Ali SAN who was the lawyer to Amcon ; so when was the change of counsel done with the motion on notice with the interim injunction? The new counsel to Amcon Kemi Pinheiro SAN is the lawyer to Union Bank who opposed Amcon joining the case at the Lagos High court!
The Union Bank and Amcon cannot be pursuing the same matter simultaneously in different courts. Why should Amcon buy a loan secured with cash?.
If Union bank is counter claiming in Lagos high court and AMCON is making fresh claim at the Federal high court who is to be paid when Jimoh Ibrahim collects his pounds sterling , AMCON or Union Bank ?