Cecilia Ibru Moves To Recover Forfeited Assets As AMCON Objects

The Asset Management Corporation of Nigeria
(AMCON) has objected to a suit by the convicted
former Managing Director of the defunct Oceanic
Bank Plc, Mrs. Cecilia Ibru, seeking to retrieve the
assets she forfeited to the federal government on
her conviction in October 2010.
Following a plea bargain arrangement, Ibru was
convicted by a Federal High Court in Lagos and
was sentenced to six months imprisonment.
Under the arrangement, she forfeited assets
worth N191 billion comprising 94 properties
across the world including the United States of
America, Dubai and Nigeria to AMCON.
Ibru, who sued for herself, the Ibru Group and
three others, among others, asked the court to
stop the Attorney-General of the Federation and
AMCON from further taking any steps towards
implementing the terms of the plea bargain and
settlement agreement leading to her conviction.
She also sought an order directing the parties to
return to status quo prior to November 12, 2013,
when AMCON obtained an ex-parte order in
respect of the assets.
Other plaintiffs are Sidochem Industries Ltd, Edgar
Sido and Dr. Francis Sido.
Ibru alleged that AMOCN “mischievously obtained
an ex parte order from the court” on November
12, 2013, without disclosing material facts in the
plea bargain agreement.
Shortly after the case was filed in April, trial
judge, Justice Ahmed Mohammed, on April 29,
2014, granted an interim injunction restraining the
two defendants (AGF and AMCON).
The judge also ordered the defendants to appear
in court to show cause why the order to maintain
status quo should not be made.
Yesterday, the AGF was not represented but
AMCON’s lawyer, Ademuyiwa Balogun, urged the
court to dismiss the suit for lack of jurisdiction.
Balogun also opposed an application by Ibru’s
counsel, Mr. Ade Okeanya-Inneh (SAN), seeking a
preservative order restraining the defendants
pending the hearing of the suit.
“We are opposed to that application for a
preservative order, the reason being that we are
challenging your Lordship’s jurisdiction. With the
greatest respect, your Lordship’s jurisdiction is
only limited to decide whether or not the court
has jurisdiction to entertain the suit,” Balogun
argued.
He said there was no urgency requiring the court
to make any preservative order.
“The cause of action arose in November 2013, the
plaintiff only approached this court in March 2014,
it is a clear admission that there is nothing urgent
to protect,” he said.
Justice Mohammed agreed with Balogun and said
he would not make any preservative order when
his jurisdiction to entertain the suit was being
challenged.
He adjourned to June 22 for the hearing of the
notice of preliminary objection by AMCON.
Over to you readers" what is your opinion?