Monday, 1 August 2016

N50bn loan: Court mediates in Ibrahim/Union Bank face-off



 By Innocent Anaba


Lagos —Justice Abdulazeez Anka of a Federal High Court in Lagos, yesterday, ordered Union Bank of Nigeria to nominate a chartered accountant within seven days for the purposes of carrying out forensic audit of statement of accounts in the alleged N50 billion loan granted to business mogul, Jimoh Ibrahim by the bank. 

The accountant will work with two other accounting firms nominated by Asset Management Corporation of Nigeria, AMCON and Jimoh Ibrahim respectively. Justice Anka had on July 11 discharged an interim order granted to AMCON to take over some assets belonging to Ibrahim. 

Consequently, the defendants appointed the firm of Adewale Folowosele & Associate to meet with those that will be nominated by AMCON and Union bank respectively. However, at the resumed hearing in the suit, yesterday, counsel to AMCON, Mr Yusuf Ali, SAN, informed the court that AMCON has nominated KPMG but Union Bank was yet to present its nomination. “I recall that at the last adjourned date we agreed that parties should appoint chartered accountants. I am happy to report that the defendants appointed the firm of chartered accountants, Adewale Folowosele & Associate and AMCON appointed KPMG and it’s left for Union Bank to appoint their own chartered accountant because Union bank is the primary creditor.” “We want the court to order that the three firms of chartered accountants to agree on date/time to meet at the Union bank headquarters to carry out forensic audit of the disputed accounts and report the progress of what they have done back to the court,” he stated. Aligning with the submission, counsel to the defendants, Chief Niyi Akintola, SAN, stated that in compliance with the directive of the court, the defendants appointed the firm of Adewale Folowosele & Associate while AMCON appoint KPMG. The matter has been adjourned till September 28 for report of settlement. The applicants had in a 24-pragraph affidavit in support of the Motion on Notice deposed to by one Gbenga Onilude, a litigation officer in the law firm of B. Ayorinde & Co stated that none of the properties attached in the ex-parte order belong to any of the defendants; NICON Investment Limited, Global Fleet Oil and Gas Limited and IbrahimIbrahim.


  Vanguard
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