Court sacks AMCON directors in Jimoh Ibrahim’s NICON and Nigeria Reinsurance

A Federal High Court sitting in Abuja upon motion of experts filed by Mr. Jimoh Ibrahim and NICON Investment Limited and others, has granted an interim order restraining Assets Management Corporation of Nigeria (AMCON) and others from taking further steps regarding reconstitution and appointment of the defendants into the Board and management of NICON.

The suit No: PHC/ABJ/CS/760/2021 dated July 29, 2021 and filed on July 30, 2021 by the attorneys to the applicants, C.I. Okpoko, SAN, and C.C. Ogbonna Esq, prayed for an interim order to set down the instant suit for accelerated hearing.

Upon reading and hearing the affidavit in support of the application, verifying affidavit and affidavit of urgency all disposed to by William Aroeote, company secretary of NICON Investment Limited, the presiding judge, A.R. Mohammed granted the prayers.

The court ordered that an order is made setting down the instant suit for accelerated hearing.

The interim order shall last for 14 days only in order to prevent the res and enable to the court take the motion on notice for interlocutory order of injunction.

The court also ordered that all the defendants be served with all the processes filed in the suit.

The applicants shall file a written undertaking to indemnify defendants in damages if the interim orders ought not to have been made or even applied for.

These orders are made pursuant to the provisions of order procedure1(2),(3)and 2(1) and order 56 rule 1 all of the federal High Court(civil procedure) rules, 2019.

The suit was therefore adjourned to August 2021 for hearing of the plaintiffs’ motion on notice for interlocutory order of injunction.

A copy of the order made available to newsmen by Bar. Jimoh Ibrahim CFR was signed by Awase Igba (Mrs.) Registrar of the court.