The Federal High Court sitting in Lagos has fixed Tuesday to hear an application by businessman, Jimoh Ibrahim, seeking to set aside an interim order which authorised the Asset Management Corporation of Nigeria (AMCON) to take over his properties over an alleged N69.4 billion debt.
Justice Rilwan Aikawa adjourned the case on Monday after hearing arguments from Mr Ibrahim’s counsel and a Senior Advocate of Nigeria (SAN), Niyi Akintola.
The judge had made the seizure order in a ruling on November 4 while AMCON announced on November 18 that it had effectively taken over 12 properties belonging to the businessman and his firms.
The properties include the NICON Investment Limited building (Plot 242, Muhammadu Buhari Way, Central Business District, Abuja), NICON Hotels Limited building (Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja), and the building of NICON Lekki Limited (No 5, Customs Street, Lagos).
AMCON’s action is against Ibrahim, NICON Investment Limited, and Global Fleet Oil and Gas Limited.
Displeased with the seizure of his assets, Ibrahim and his firms, through Akintola, approached the court with a motion on notice, seeking to discharge the interim seizure order.
They contended that the court made the seizure order in error because AMCON allegedly concealed material facts in its ex-parte application leading to the seizure order.
The applicants urged the court to set aside the order for “non-disclosure and misrepresentation of material facts.”
They also prayed the court to order AMCON to pay them N50 billion indemnity for their alleged “failure to conduct due diligence before obtaining the said order sought to be set aside and for misrepresentation and concealment of fact.”
Ibrahim and others described the move by AMCON leading to the seizure order as an abuse of court processes.
But AMCON, through its lawyer and SAN, Kemi Pinheiro, vehemently opposed the defendants’ motion on notice and prayed the court to dismiss same.
A lawyer in AMCON’s legal department, Imelda Raheem, said, “The plaintiff, at the time of obtaining the orders on the 4th day of November, 2020, made full and substantial disclosure of all material facts in relation to the subject matter of this suit.”
TNGPIBConfab: Dr Dakuku Reveals Factors Needed To Unlock Potentials of PIB In Nigeria
.. PIB will end NNPC’s monopoly
The immediate past director-general of Nigerian Maritime Administration and Safety Agency, NIMASA, Dr. Dakuku Peterside has listed two key factors needed to be accommodated in the Petroleum Industry Bill (PIB) to fully unlock gains of the petroleum sector in Nigeria.
Dakuku who made the revelations yesterday at a one day colloquium organised by TheNewsGuru (TNG), entitled, ‘PIB: finally getting it right and breaking the 20-year hiatus’ stressed that an efficient regulatory system will make Nigeria’s oil and gas industry competitive, attract investors and create more jobs for our youth as well as open newer opportunities for the country.
Optimistic that PIB will crush the monopoly of the Nigerian National Petroleum Corporation (NNPC), he however, noted that their are two things that might hinder the functions of deregulatory bodies as captured in the PIB.
Addressing the problematic areas that needed be resolved in the PIB, Dakuku advised that the excessive powers given to the ministers in the PIB should be reduced and also posited that regulatory bodies created under the new PIB era should be given quasi legislative and quasi judicial roles to ensure they function independently and efficiently.
“A regulatory body apart from the executive roles it plays requires lots of quasi legislative, quasi judicial, they should be given some powers to make decision on their own without coming back to the court or going to the legislative for legislative supports. With the quasi legislative and quasi judicial function, such regulatory body will be independent and efficient but without it, a failure is inevitable”
Read Dakuku’s rich comments on regulatory bodies that will be set up in pursuant of the passage of the PIB: “I will be speaking on the critical issue of the regulatory bodies that will be set up in pursuant of the passage of the PIB and how it will impact our lives as Nigerians, you will recall that over a long period we have had the Nigerian National Petroleum Corporation (NNPC), have played the role of a regulator and an operator. Historically, the PIB is about to break the monopoly of NNPC; So I am a bit surprised when people don’t expect resistant, there will be resistant when you attempt to break a monopoly anywhere in the world, even in China where you have lots of monopolies and the reason is because people benefit from monopolie
“What the PIB sets to do is to break down the NNPC monopoly and establish independent regulatory bodies and this is in line with global trends, where the world is migrating towards a private sector or a market driven oil and gas industry, this is the only ay to optimise benefits in te sector. The PIB propose to set up three important regulatory bodies – the Nigerian Upstream Regulatory Commission (the “Commission”) and the Midstream and Downstream Regulatory Authority (the “Authority”) create frame work for tariff and pricing; and establishment of a new intervention Fund to be called the Midstream Gas Infrastructure Fund
“What will these independent regulatory bodies do? These institutions it will enhance greater compliance to industry regulation boost, promotes transparency and drive competition. Once there is competition in the industry, it increase efficiency and effectiveness of the system, once these are in place they system will attract investment, once investors come, there will be competition and this will crash price of goods and service. This is what the regulatory independent system does, it will make the Nigeria’s oil and gas industry competitive, this will create right environment, attract investors and create more jobs for our youth.
Bismarck Rewane resigns as a director from the Board of Guinness Nigeria Plc
The Board of Guinness Nigeria Plc has announced the resignation of Mr Bismarck Jemide Rewane.
This announcement was made in a notification issued by the Company Secretary, Mr. Rotimi Odusola.
According to Mr Odusola, the resignation of Mr Rewane as a Non-Executive Director on the Board of Guinness Nigeria Plc became effective on 31st December 2020.
Mr. Rewane was appointed to the Board of Guinness Nigeria Plc as a Non-Executive Director in 2008. Until his resignation, he served as the Chairman of the Finance, Audit and Risk Committee of the Board.
However, it is important to note that as of 30th June 2020, he owns 36,384 ordinary shares of Guinness Nigeria Plc, worth N691,296.
The Board of Guinness Nigeria extended its appreciation to the outgoing Director, for his leadership, focus and commitment to the success of the Company and wishes him the best in his future endeavours.
About Mr Bismarck Rewane
- Bismarck Rewane was also with the First National Bank of Chicago, Barclays Bank of Nigeria and Barclays Bank International Plc, United Kingdom. An Associate of the Institute of Bankers, England and Wales.
- Mr. Rewane has served on the Board of several organisations, including Navgas (a Vitol Group subsidiary); NLNG Prize Award Foundation; UNIC Insurance Plc, Nigeria; Economic Summit Group; UBA Custodian Limited; Virgin Nigeria Airways Limited; Fidelity Bank Plc; First City Monument Bank Plc; and Top Feeds Nigeria Limited.
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