Justice Chukwujekwu Aneke of the Federal High Court, in Lagos, will on November 3, 2021, decide whether or not to vacate a freezing order placed on about 20 bank accounts belonging to the Bauchi State government.
This is related to a suit filed by the Asset Management Corporation of Nigeria (AMCON) over alleged N1.5 billion debt. Justice Aneke fixed the matter for ruling after listening to submissions of counsel for AMCON, Mr. Olugbuyiro Akinola, and that of Bauchi State, Mr. Sylvester Elema SAN.
AMCON had in suits numbers, FHC/L/AMC/64/2021, FHC/CS/AMC/66/2021, and FHC/L/AMC/67/2021 alleged that the Bauchi State government borrowed the money from Equatorial Trust Bank (now Sterling Bank Plc).
Defendants in the suits are the Attorney-General of Bauchi State, Bauchi State government, Accountant-General, Bauchi State, Chief Administrative Officer of Hospital Management Board, Bauchi State, Chief Accountant Hospital Management Board Branch, Bauchi State, and the Amalgamated Union of Pubic Corporation, Civil Service, Technical & Recreational Services Employees (AUPCTRE).
AMCON had prayed the court to freeze the state’s bank accounts with the Central Bank of Nigeria and 20 other banks. Some of the banks affected are Access Bank Plc, Citi Bank Nigeria Limited, ECOBANK Plc, Fidelity Bank Plc, First Bank of Nigeria Plc, First City Monument Bank, Heritage Bank Plc, Polaris Bank Plc and Keystone Bank Plc.
Other banks are Providus Bank, Standard IBTC Bank, Standard Chartered Bank Limited, Sterling Bank Plc, Suntrust Bank, Union Bank of Nigeria, United Bank for Africa, Unity Bank Plc, Wema Bank Plc, and Zenith Bank Plc.
A vacation judge, Justice Tijjani Ringim had on August 30, 2021, granted a motion ex parte dated July 19, 2021, filed by AMCON, praying the court to restrict the respondents either directly or indirectly from transferring, withdrawing, or dealing with or disposing of any of the monies standing to the credit of the respondents in the Central Bank of Nigeria to the total outstanding debt of N271,489, 820.75.
Justice Ringim also directed the Central Securities Clearing Systems Plc to provide information and details of the respondents’ companies and interests, including stocks, shares, securities, and dividends to AMCON or its counsel.
The court further made an order compelling all the banks to disclose and produce bank details, statements of accounts, bank balances, and monies standing to the credit of the respondents.
AMCON had through his lawyer, Olugbuyiro Akinola stated that the Amalgamated Union of Public Technical & Recreational Services Employees, Hospital Management Board, Bauchi State obtained loan facilities in […]