AMCON seizure: Firm asks court to unfreeze assets

By Robert Egbe

A firm, Credence Asset Management Limited, has 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 and 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.

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

Through their counsel, Prof. Taiwo Osipitan (SAN), the applicants 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”; (and) “an order setting aside the ex parte injunction against the third sixth and eighth defendants/applicants on June 16”.

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At the resumption of proceedings on Friday, 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 (CAC) documents, which were Form Co1 to Co6 the court relied on in granting the order, were not certified, thereby contravening Section 305 & 306 of Evidence Act, which was mandatory.

The lawyer also 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 prayed the court to hold that the order was obtained in error and discharge it accordingly.

But AMCON’s counsel, Christ Eze, opposed him.

Moving his counter-affidavit, the lawyer urged the court to dismiss the application to discharge the order because he averred that the AMCON Act, through which the order was obtained, “is sui generis” (in a class of its own).

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.