AMCON Seizure: Firm Asks Court To Unfreeze Assets

A firm, Credence Asset Management Ltd, on Friday asked a Federal
High Court in Lagos to set aside a June 15 ex parte order which
authorised the Asset Management Corporation of Nigeria (AMCON) to
take over and freeze its properties. 

The firm, two of its members Afolabi Owolabi and Clement (Clem)
Baiye, made the application before Justice Muslim Hassan. 

The trio are third, fourth and fifth defendants in a suit filed
by AMCON, marked: FHC/L/CS/553/20. 

The other defendants/respondents are: The Capital Consortium
Ltd, Falobi Owolabi, Idris Animasahaun Alade Bashir and Verity
Communications Ltd, Alidan Investments Ltd and Verity Associates
Ltd. 

Through their counsel Prof Taiwo Osipitan SAN, they filed a
motion on notice praying the court for three reliefs, including “An
order suspending the operation of the Ex-parte Interlocutory
orders…pending the hearing and determination of the
motion 

“An order setting aside the Ex-parte Injunction against the 3rd
6th and 8th Defendants/Applicants on June 16.

At the resumption of proceedings yesterday, Osipitan told
Justice Hassan to vacate the order because AMCON secured the order
without following due process. 

He contended that all the Corporate Affairs Commission documents
which were Form Co1 to Co6 that the court relied on in granting the
order were not certified, thereby rendering the order in
contravention of Section 305 & 306 of Evidence Act, which was
mandatory. 

The Silk further contended that the AMCON Act which was relied
on in granting the order could not override Chapter 36 of the
Constitution which gives every Nigerian citizen fair
hearing. 

According to him, any enactment that contradicts the
Constitution “must bow”. 

He submitted further that besides being unconstitutional and
oppressive of the applicants given the circumstances of the case,
the ex-parte orders “were obtained as a result of misrepresentation
non-disclosure/suppression of material.”

He prayed the court to hold that the order was obtained in error
and discharge the order. 

But AMCON’s counsel Christ Eze opposed him. Eze moved his
counter affidavit and urged the court to dismiss the application to
discharge the order because, according to him, the AMCON Act
through which the order was obtained “is sui generis.”

Eze contended that if the application was granted, the assets
and funds which the order was trying to protect until the end of
trial would be removed, thereby rendering the whole exercise
useless.

Justice Hassan reserved ruling till January 15, 2021

A firm, Credence Asset Management Ltd, on Friday asked a Federal
High Court in Lagos to set aside a June 15 ex parte order which
authorised the Asset Management Corporation of Nigeria (AMCON) to
take over and freeze its properties. 

The firm, two of its members Afolabi Owolabi and Clement (Clem)
Baiye, made the application before Justice Muslim Hassan. 

The trio are third, fourth and fifth defendants in a suit filed
by AMCON, marked: FHC/L/CS/553/20. 

The other defendants/respondents are: The Capital Consortium
Ltd, Falobi Owolabi, Idris Animasahaun Alade Bashir and Verity
Communications Ltd, Alidan Investments Ltd and Verity Associates
Ltd. 

Through their counsel Prof Taiwo Osipitan SAN, they filed a
motion on notice praying the court for three reliefs, including “An
order suspending the operation of the Ex-parte Interlocutory
orders…pending the hearing and determination of the
motion 

“An order setting aside the Ex-parte Injunction against the 3rd
6th and 8th Defendants/Applicants on June 16.

At the resumption of proceedings yesterday, Osipitan told
Justice Hassan to vacate the order because AMCON secured the order
without following due process. 

He contended that all the Corporate Affairs Commission documents
which were Form Co1 to Co6 that the court relied on in granting the
order were not certified, thereby rendering the order in
contravention of Section 305 & 306 of Evidence Act, which was
mandatory. 

The Silk further contended that the AMCON Act which was relied
on in granting the order could not override Chapter 36 of the
Constitution which gives every Nigerian citizen fair
hearing. 

According to him, any enactment that contradicts the
Constitution “must bow”. 

He submitted further that besides being unconstitutional and
oppressive of the applicants given the circumstances of the case,
the ex-parte orders “were obtained as a result of misrepresentation
non-disclosure/suppression of material.”

He prayed the court to hold that the order was obtained in error
and discharge the order. 

But AMCON’s counsel Christ Eze opposed him. Eze moved his
counter affidavit and urged the court to dismiss the application to
discharge the order because, according to him, the AMCON Act
through which the order was obtained “is sui generis.”

Eze contended that if the application was granted, the assets
and funds which the order was trying to protect until the end of
trial would be removed, thereby rendering the whole exercise
useless.

Justice Hassan reserved ruling till January 15, 2021