Justice Olununmi Abike-Fadipe of the Excessive Court docket of Lagos State, sitting in Ikeja, has mentioned Union {Bank} Plc ceases to have the facility to pursue the alleged indebtedness of an oil firm, International Fleet, upon the sale of the mentioned alleged indebtedness to Asset Administration Company of Nigeria, AMCON.
The court docket additionally mentioned the corporate’s founder, Barrister Jimoh Ibrahim, was a malicious occasion as he shouldn’t have been a essential occasion.
In 2010, AMCON approached the court docket searching for, amongst different issues, a declaration that the claimant is a duly registered and integrated restricted legal responsibility firm working a set deposit account domiciled with the defendant {bank}, payable with demand curiosity.
A declaration that the quantity standing to the credit score of the claimant in its mounted deposit account domiciled with the defendant {bank} is to the tune of £130,726,557.66 (One Hundred and Thirty Million, Seven Hundred and Twenty Thousand, 5 Hundred and Fifty Seven Kilos and Six Pence) as on the thirtieth day of April, 2016.
A declaration that the defendant {bank}’s unilateral act of changing the sum of £130,720,557.66 One Hundred and Thirty Million, Seven Hundred and Twenty Thousand, 5 Hundred and Fifty Seven Kilos and Six Pence) from the claimant mounted deposit account to US {Dollars} with out the due authorization and/or mandate of the claimant is wrongful, null and void.
Additionally, the defendants within the matter, Nicon Funding, International Fleet Restricted and Barrister Jimoh Ibrahim, of their response requested the court docket to declare that the motion of the counter claimant (Union {Bank}) in using the sum of £125,060,000 (One Hundred and Twenty 5 Million Kilos Sterling) within the account of the 2nd defendant to the counterclaim to liquidate the alleged indebtedness of the first and 2nd defendants to counter claimant is wrongful, illegal, unauthorized and null and void.
An order directing the counter claimant to return forthwith the sum of £125,000,006 (One Hundred and Twenty 5 Million Kilos Sterling) which it unlawfully faraway from the account of the 2nd defendant to the counterclaim within the counter claimant {bank} to the 2nd defendant counterclaim or the afore mentioned 2nd defendant courter declare account with curiosity on the price of 21% each year from the twelfth of Could, 2016 till judgment is delivered on this go well with and thereafter at price of 18% each year till the judgment sum is absolutely liquidated.
After arguments have been canvassed within the case, Justice Abike-Fadipe held, “Primarily based upon my foregoing findings, I maintain that the claimant has proved its declare to all its reliefs save for reliefs 10 and 11 as a result of its alleged debt had been bought to AMCON and it didn’t show the alleged overcharges. I maintain that the defendant has did not show its entitlement to its substantive, different or consequential reliefs. I maintain that the 2nd defendant to the first counterclaim is simply entitled to its aid 8; and at last I maintain that the third defendant to the first counterclaim is entitled to all his reliefs save two”.
The court docket additional held, “The quantity standing to the credit score of the claimant in its mounted deposit account domiciled with the defendant {bank} is to the tune of £130,720,557.06 (One Hundred and Thirty Million, Seven Hundred and Twenty Thousand, 5 Hundred and Fifty Seven Kilos and Six Pence) as on the thirtieth day of April, 2010.
“The defendant {bank}’s unilateral act of changing the sum of £130,720,5S7.06 (One Hundred and Thirty Million, Seven Hundred and Twenty Thousand, 5 Hundred and Fifty Seven Kilos and Six Pence) from the claimant’s mounted deposit account to US {dollars} with out the due authorization and/or mandate of the claimant is wrongful, null and void.
“The defendant {bank}’s unilateral act of changing the mounted deposit of the claimant from British Kilos Sterling to US {Dollars} and US {Dollars} to Naira is unauthorised and is null and void.
“The kilos sterling mounted deposit account of the claimant will not be tied to the indebtedness of GLOBAL Fleet Ltd and/or meant in any means or method in anyway to offer safety for the mentioned debt.
“The defendant {bank}’s unilateral use of a part of the claimant’s £130,720,557.06 (One Hundred and Thirty Million, seven Hundred and Twenty Thousand, 5 Hundred and Fifty Seven Kilos and Six Pence) to liquidate International Fleet Ltd debt with out the mandate and/or due authorisation of the claimant is wrongful, null and void.
“The indebtedness of International Fleet Ltd to the Defendant (if any) is neither payable from the £130,720,557.06 (One Hundred and Thirty Million, Seven hundred and Twenty Thousand, 5 Hundred and Fifty Seven Kilos and Six Pence) mounted deposit of the claimant neither is any quantity deductible therefrom in respect of International Fleet Lid indebtedness. ”
The court docket mentioned the {bank} couldn’t unilaterally take care of or deduct from the claimant’s mounted deposit account with out the signatories’ authorisation, mandate, or consent to the mounted deposit account as on the mandate card.
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