Court Orders Bank To Appoint Accountant In Case Of AMCON Vs. Jimoh Ibrahim

AMCON, Asset Management, Jimoh Ibrahim, Union BankA Federal High Court sitting in Lagos has ordered Union Bank of Nigeria to nominate a chartered accountant within seven days for the purpose of carrying out a forensic audit of statement of accounts on the alleged 50 billion Naira loan allegedly granted to businessman, Mr Jimoh Ibrahim by the bank.

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

At the resumed hearing of the suit on Monday, lawyer to AMCON, Yusuf Ali (SAN), informed the court that AMCON has already nominated KPMG.

Counsel to the defendants, Chief Niyi Akintola (SAN) also stated that in compliance with the directive of the court, the defendants appointed the accounting firm of Adewale Folowosele & Associates.

The court has also ordered that the joint forensic audit is to be conducted by the three chartered accountant firms within a month at the Union Bank headquarters.

The matter has been adjourned till September 28 for a report of progress or settlement.

Justice Abdulazeez Anka had on July 11 discharged an interim order granted to AMCON to take over some assets belonging to Mr Jimoh Ibrahim.

This was after the business man had submitted that the exparte order was obtained via suppression and misrepresentation of material facts by the plaintiff (AMCON) and the order was obtained in bad faith against persons who are not parties to the suit.

The applicants had in a 24-paragraph affidavit in support of their application, deposed to by one Gbenga Onilude, a litigation officer, stated that none of the properties attached in the exparte order belong to any of the defendants; NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim.

Oil Workers Protest Non-payment Of Salaries

Oil WorkersWorkers of the Sea Wolf Oil Field Services have staged a protest to demand payment for a back log of their salaries, covering the past 22 months.

The oil workers, who were at the office of the Asset Management Corporation, said that the situation has led to the death and hospitalisation of some of their colleagues.

Trouble started in 2011, when the Asset Management Corporation took over the asset and liabilities of their company.

They are demanding that the management of the corporation ensure the payment of their salaries.

They promised not to leave the vicinity of the corporation until their demands were met, as they had made their demands known for over nine days.

When contacted, officials of the Asset Management Company in Abuja refused to comment on the workers claims.

 

Senate Committee Investigates Cecilia Ibru’s Siezed Assets

senateThe Senate has begun investigating an allegation made by stakeholders that the Asset Management Company of Nigeria (AMCON) failed to remit funds and assets of former Managing Director of the Defunct Oceanic Bank, Mrs Cecilia Ibru to shareholders, as well as Eco Bank, the company that took over Oceanic Bank

At an investigative hearing organized by the Senate Committee on Drugs, Narcotics and Financial Crimes, the committee observed that four years after entering into a plea bargain with the office of the Attorney General of the Federation, Mrs Cecilia Ibru is yet to remit N16.1 million to AMCON.

However, the Acting Managing Director of AMCON, Mrs Foluke Dosunmu said AMCON had not taken up Mrs Ibru over the N16.1 billion, because it had not ascertained her unwillingness to pay it, saying once it is confirmed that she’s not ready to pay, the corporation would take her back to court.

The Acting MD Also maintained that AMCON does not owe the Oceanic or Eco Bank.

The Senate Committee also faulted AMCON over its failure to follow due procedures in the sales of some recovered properties, as they revealed how the corporation had failed to advertise the property before embarking on sales as required by the rules governing sales of government property.

The Senate Committee, headed by Senator Victor Lar had entertained a petition said to have been filed by a Nigerian whose name was not disclosed, said that the sale of the properties by (AMCON) were questionable.

The seized assets, worth N569 billion, were taken over by the Federal Government, following a plea bargain entered into by Mrs Ibru. The committee said that the mode of disposal of the assets located within and outside Nigeria was shrouded in secrecy.

Senator Victor Lar said on Monday that Ibru had pleaded guilty, during the course of her prosecution and entered into a plea bargain with the government, while handing over assets allegedly bought with depositor’s funds.