Connect with us

News

Court okays process to ‘jail’ AMCON MD over NICON assets

Published

on

An Abuja Federal High Court has issued an order to commence committal proceedings against the Managing Director of the Assets Management Company of Nigeria (AMCON), Ahmed Lawal over alleged seizure of NICON Insurance Ltd’s assets.

 

The court on Friday granted permission to Jimoh Ibrahim and three of his companies to commence committal proceedings against three principal officers of the Asset Management Corporation of Nigeria (AMCON) for allegedly flouting the court’s earlier orders.

 

The affected principal officers are the Managing Director, Lawal and two Executive Directors – Eberechukwu Uneze and Aminu Ismail.

 

Justice Okon Abang who delivered the ruling said in view of the allegations by Ibrahim and his companies that AMCON and other defendants in a suit pending before the court, flouted orders earlier made, the applicant were entitled to leave to commence committal proceedings against the alleged contemnors.

 

Justice Abang, in the ruling an ex-parte motion by Ibrahim and his three companies, ordered that Form 48 (notice of consequences of disobedience to order of court) and Form 49 (notice to show cause why an order for committal to prison should not be made pursuant to Section 72 of the Sheriffs and Civil Process Act and Order 9 Rule 13 of the Judgments Enforcement Rules) be issued and served on the three identified principal officers of AMCON.

 

The judge issued the orders after listening to lawyer to Ibrahim and his three companies, Victor Ogbonna, who claimed that despite giving undertakings to obey orders made by the court in the pending suit marked: FHC/ABJ/CS/760/2021 filed by his clients, AMCON flouted the orders by taking steps capable of undermining the subject of the pending suit.

The companies suing with Ibrahim are – NICON Investment Limited, NICON Insurance Limited and NICON Reinsurance Corporation Plc.

 

A copy of the enrolled order of the ruling, sighted in Abuja on Friday reads: “The court having considered the allegations that the 1st to 12th defendants (in the pending suit – FHC/ABJ/CS/760/2021) have flouted the undertakings freely, voluntarily given by their counsel on 16/8/2021 that the defendants will not take steps to undermine the subject matter of the plaintiffs’ suit and the said undertakings reaffirmed by their counsel in court in the proceedings of 9/3/2022.

 

“The court having also considered that, based on the said undertakings freely given by the defendants’ counsel and binding on the defendants, this court on 16/8/2021 made an order restraining the defendants from taking steps to flout order made in the plaintiffs favour pending hearing and determination of the suit.

 

“The having considered that the said undertaking was made by consent of the defendants and is not appealable except with leave of court.

 

“The court having also considered that it is alleged that the defendants violated the court’s order and the alleged violations are as mentioned in the body of the ruling delivered in the open court today the 11th of March, 2022.

 

“The court having considered that it is legally impossible to cite AMCON, as an institution, for contempt where it is alleged that it has flouted court’s order, that it is the natural persons, the principal officers, the prime movers, the alter ego, the directing minds that take decisions for AMCON.

 

“And the court having considered, where AMCON is alleged to have flouted court’s order, it is the natural persons that take decisions for it that should be cited for contempt.

 

“The court having considered that, in exercise of its disciplinary jurisdiction under its inherent powers as preserved under Section 6(6)A&B of 1999 Constitution (as amended), it is deserving to grant leave to enable the Plaintiffs commence committal proceedings against the principal officers of AMCON that take decisions for AMCON, as the court cannot grant an order in vain and a subsisting order of court is uncompromising binding on parties and must be obeyed unless set aside.

 

“And the having delivered its ruling in the open court and its reasoning and conclusions are as contained in the body of the ruling.

 

“It is hereby ordered as follows:

 

*That leave is hereby granted to the plaintiffs to commence committal proceedings by issuance of Forms 48 and 49 and same served on Ahmed Lawal Kure (Managing Director/CEO, AMCON), Eberechukwu Uneze (Executive Director AMCON) and Aminu Ismail (Executive Director AMCON) being natural persons, prime movers, alter ego, directing minds, principal officers of AMCON that allegedly flouted the subsisting order of court made on 16/8/2021 re-stated on 9/3/2022 predicated on the subsisting undertakings made by the defendants’ counsel given freely on 16/8/2021 that the defendants will not take steps to favour of the plaintiffs herein or undermine the subject matter of the suit pending hearing and determination of the plaintiffs’ suit.

 

*That the plaintiffs shall endorse Form 48 on the enrolled order of this court dated 9/3/2022 and same served on persons mentioned in item 1 of the instant enrolled order.

 

*That the plaintiffs shall as of right issue Forms 48 and 49 and same endorsed on the enrolled order of this court dated 9/3/2022 and served on the 3rd to 12th defendants.”

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

ZENITH BANK CHAMPIONS ENVIRONMENTAL SUSTAINABILITY WITH TWO-PHASE CLEAN-UP IN LAGOS

Published

on

In line with its commitment to environmental sustainability and responsible business practices, Zenith Bank Plc has commemorated the 2026 World Environment Day with a two-phase environmental clean-up initiative in Lagos State, held under the global theme “Inspired by Nature. For Climate. For Our Future.”

The first phase was a morning clean-up conducted by staff of the Bank on Wednesday, 3 June 2026, along Ajose Adeogun Street, Victoria Island, Lagos. The exercise mobilised employees to clear waste, sensitise residents on proper disposal practices, and reinforce the Bank’s culture of community service and environmental stewardship.

The second phase, on Thursday, 4 June 2026, featured a waterways clean-up at the Falomo Waterways, Ikoyi, Lagos, executed in collaboration with the Lagos Waste Management Authority (LAWMA) and the Lagos State Waterways Authority (LASWA). The joint effort focused on removing marine debris, promoting cleaner waterways, and supporting the State’s broader climate-resilience agenda.

Speaking on the initiative, Dame Dr. Adaora Umeoji, OON, Group Managing Director/CEO of Zenith Bank Plc, said: “At Zenith Bank, sustainability is integral to how we operate. Clearing our streets and our waterways is a practical reminder that protecting the environment is a shared responsibility – and one we are proud to take up alongside LAWMA and LASWA. Through these exercises, we are taking deliberate action to preserve our communities, support climate action, and inspire others to act. Our operations will continue to align with global environmental standards as we build a more sustainable future for Nigeria and Africa.”Zenith Bank remains committed to embedding Environmental, Social and Governance (ESG) principles across its operations, investing in green initiatives, energy efficiency, and community-focused programmes. These efforts advance the United Nations Sustainable Development Goals – particularly SDG 7 (Affordable and Clean Energy), SDG 11 (Sustainable Cities and Communities) and SDG 13 (Climate Action). Sustainability remains an operational imperative across the Bank’s Nigerian base and its broader African, UK and European footprints.

Continue Reading

News

ZENITH BANK APPOINTS ENGR. MUSTAFA BELLO AS CHAIRMAN AT ANNUAL GENERAL MEETING

Published

on

Zenith Bank Plc has announced the appointment of Engr. Mustafa Bello as the Chairman of its Board of Directors. The appointment, which takes immediate effect, has been approved by the Central Bank of Nigeria (CBN) and ratified by shareholders at the Annual General Meeting held on May 5, 2026.

Engr. Bello’s appointment represents a strategic step to ensure the continuity, stability, and sustained effectiveness of the Board, while reinforcing the high standards of corporate governance, regulatory compliance, and strategic oversight for which Zenith Bank is widely respected. He joined the Board of Zenith Bank Plc on 29 December 2017 and has served on several Board committees, including the Board Audit and Compliance Committee, Board Governance, Nomination and Renumeration Committee and as Chairman of the Board Risk Management Committee until his appointment as Chairman of the Board of Directors.

He has extensive leadership experience at Board and executive levels, a strong understanding of corporate governance principles and regulatory expectations, and a proven track record in strategic oversight and organisational growth. He has consistently demonstrated integrity, independence and sound judgement, qualities that distinguished him as the natural choice to lead the Board into its next chapter.

Engr. Mustafa Bello is a distinguished engineer, statesman and corporate leader. His career spans more than four decades across the public and private sectors of the Nigerian economy. He served as Minister of Commerce of the Federal Republic of Nigeria from 1999 to 2002 under President Olusegun Obasanjo, GCFR, where he led the development of Nigeria’s WTO-consistent Trade Policy. He also oversaw the Corporate Affairs Commission (CAC) online project of 2002, which modernised the way businesses register and operate in the country. From November 2003 to February 2014, he served as Executive Secretary and Chief Executive Officer of the Nigerian Investments Promotion Commission (NIPC), where he was instrumental in attracting foreign direct investment into Nigeria, building multilateral and bilateral partnerships, and representing the Federal Government at international conferences and missions.

He graduated from Ahmadu Bello University (ABU), Zaria, in 1978 with a B.Engr. in Civil Engineering (Second Class Upper Division), winning the Shell Prize for the best project and thesis in the Faculty of Engineering. He began his career with the Nigerian Army’s Directorate of Quartering and Engineering Service from 1978 to 1979, before joining the Niger State Housing Corporation as a Senior Civil Engineer from 1980 to 1983.

He is currently the Chairman of Invest-in-Northern Nigeria Limited, a special purpose vehicle for the economic and social transformation of the Northern Nigerian economy, and has previously served on the boards of Eskom Holdings Limited of the Republic of South Africa (2004 to 2008) and FrieslandCampina WAMCO Nigeria Plc as an Independent Non-Executive Director. He is a Fellow of the Nigerian Society of Engineers and a Registered Member of Council for the Regulation of Engineering in Nigeria (COREN) as well as Fellow of the Academy of Natural Sciences & Engineering in Nigeria (ANSEN).Zenith Bank stands among Africa’s leading financial institutions, with a strong capital base and operations across Nigeria, the United Kingdom, the United Arab Emirates, Ghana, Sierra Leone, The Gambia and Côte d’Ivoire.

Continue Reading

News

FirstBank Confirms Appointment of Olayinka Ijabiyi as Group Head, Marketing and Corporate Communications

Published

on

FirstBank, West Africa’s premier financial institution and financial inclusion service provider, has confirmed the appointment of Olayinka Ijabiyi as the substantive Group Head, Marketing and Corporate Communications. The appointment takes immediate effect and reinforces strong corporate governance at a pivotal point in the Bank’s growth and transformation journey.

Olayinka Thomas Ijabiyi is a seasoned marketing and corporate communications professional with over 25 years of experience driving brand transformation, strategic visibility, and stakeholder engagement across financial services, telecommunications, media, and international development sectors.

Ijabiyi joined FirstBank in 2011 and has served in acting capacity as the Group Head of Marketing and Corporate Communications from December 2024 until his recent confirmation. In his role, he leads the development and execution of integrated marketing and corporate communications strategies across the Group’s markets. He oversees brand and reputation management, executive positioning, Corporate Responsibility and Sustainability as well as strategic communications initiatives aligned to the Bank’s business objectives/aspirations.

Prior to his current role, Ijabiyi has held leadership positions within the Marketing and Corporate Communications Department in FirstBank, including Head Brand Strategy and Special Projects, Head Digital Marketing and Head Brand and Stakeholder Management. 

Before joining FirstBank, Ijabiyi built a diverse career across leading organizations including British Council, Multichoice, MTN and Etisalat Nigeria, where he played key roles in brand building, corporate communications and digital transformation initiatives.

Widely recognized for his strategic mindset, leadership ability to translate business objectives into impactful marketing and communications strategies, he has successfully led major brand initiatives, including milestone anniversary campaigns and brand refresh programs, while consistently delivering efficiencies and enhancing brand equity.

Ijabiyi holds a Master’s degree in Public and International Affairs from the University of Lagos and a Bachelor’s degree in English Language from the former Ondo State University, Ado Ekiti. He is a Fellow of the National Institute of Marketing of Nigeria (NIMN) and a member of the Nigerian Institute of Public Relations (NIPR), amongst other industry bodies.

Continue Reading

Trending

Copyright © 2017 Zox News Theme. Theme by MVP Themes, powered by WordPress.