Justice Ahmed Ramat
Mohammed of the federal high court siting in Abuja yesterday adjourned
to July 10th to hear the suit instituted by former managing director of
defunct Oceanic Bank International Plc. Mrs Cicilia Ibru, where she's
asking the court to compel the federal government to implement her plea
bargain as specified in the agreement she signed with the
government
Mrs. Ibru instituted the suit through her lawyer, Dr. Ted Iseghohi -
Edwards, on behalf of herself and the Ibru group against the Attorney
General and Minister of Justice and the Asset Management Corporation,
Amcon, over an alleged breach by federal government in the
implementation of the terms of agreement she entered as part of her plea
bargain in 2010.
Mrs. Ibru is asking the court to make a
declaration that the plea bargain and settlement agreement that she
entered with the federal government in 2010 is a valid and enforceable
agreement between the parties and more particularly valid against the
federal government of Nigeria or any of it's organs, including but not
limited to the Asset Management Corporation of Nigeria, Amcon and to
declare that the striping of the assets and the subsequent sale of
Oceanic Bank International Plc to Access Bank Plc was not part of the
plea bargain and settlement agreement which she signed with the federal
government and to declare the sale of the defunct bank a sham,
misconceived, mischievous and of no legal consequences.
Furthermore, Mrs. Ibru urged the court to also declare that Aero
Contractors Nigeria Limited was also not on the list of assets she
forfeited to the federal government as part of her plea bargain and
asked the court to declare that any attempt by Amcon to take over the
airline or attach its assets as ultra vires and of no legal
consequences.
At the root of the suit filed by the former chief
executive officer of the defunct bank is a recent exparte order
obtained from a federal high court in Lagos last November by Amcon
against a private company, Sidochem Industries Limited, and the
company's managing director, Mr. Edgar Sido and two others over a loan
of N433.5 million owed the defunct bank which Amcon acquired.
Amcon had approached the federal high court in Lagos where it complained
that the debtor company and the managing director who personally
guaranteed the loans granted to the company by the defunct bank, had
refused to resolve their indebtedness to the corporation and have been
taking steps to frustrate every step taken by Amcon to the said debt by
using every manner of tricks to evade payment.
The corporation
thereby sought for an order of the court empowering it to take immediate
possession of the assets and properties of the company covered in the
deed of all assets debenture created by the company in favour of Oceanic
bank as well as the freezing of all accounts operated by the company in
nineteen commercial banks in Nigeria.
The trial judge, Justice Idris, granted the orders as requested by Amcon.
However, Sidochem Industries Limited and it's owners are crying foul over the order secured by Amcon against it.
They claim that the debts they owe the defunct bank was amongst the
matters resolved in the plea bargain judgment in Dr. Civilian Ibru's case.
In support of the company's claim are two
deeds of ratification donated by both Sidochem Industries and Mr. Edgar
Sido whereby they wholly transferred and released all of its rights,
interests and estate in the assets forfeited to Amcon by Ibru as part of
her plea bargain.
Dr. Iseghohi - Edwards pointed out that
Amcon which was well represented by the Attorney General of the
Federation and Minister of Justice as well as the Central Bank of
Nigeria, CBN, in her plea bargain agreement and which is the sole
beneficiary of all the properties she forfeited had gone ahead to seal
off an expanse of rental property completely unrelated to Sidochem's
business on the strength of the exparte order it obtained from the Lagos
court.
He. Argued that Amcon did not disclose material facts
to the court in Lagos as regards its consent to the plea bargain and
settlement agreement where Mrs. Ibru, representing herself, the Ibru
group and others forfeited properties listed under the forfeited assets
part of the plea bargain.
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