AMCON Gives Court Undertaking on NICON; Publishes Record of Court Proceedings


Monday, August 23, 2021 / 07:51 PM / Proshare Research / Header Image Credit: AMCON

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The Assets Management Corporation of Nigeria (AMCON) has given a Federal High Court in Abuja an undertaking on NICON.

This was contained in a newspaper advertisement published in ThisDay on August 23, 2021.

Details of the proceeding is listed below: 

In The Federal High Court Of Nigeria

In The Abuja Judicial Division

Holden At Abuja

On Friday, The 30th Day Of July, 2021

Before The Hon, Justice Ar. Mohammed






1. Nicon Investment Limited

2. Nicon Insurance Limited

3. Nigerian Reinsurance Corporation Plc

4. Barrister Jimoh Ibrahim



1. Asset Management Corporation Of Nigeria

2. Bureau Of Public Enterprises

3. Lamis Shehu Dikko

4. Dr. Henry Uko Ationu

5. John Abuh Oyioih

6. Alexander Ayoola Okoh

7. Ahmed Dahiru Mocibbo

8. Mr Mela Audu Nunghe Sa

9 Mr Olugbenga Falekulo

10. Olusegun Ilori

14. Mrs Yvonne Isichei

12. Inspector General Of Police

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Plaintiffs/Applicants absent

C. I. Okpoko SAN with C. C. Ogbonna Esq for the Plaintifs/Applicants.

Okpoko SAN: We have a Motion Exparte dated 29/7/2021 but filed on the 30/7/2021. The motion ss supported by a 47 paragraph affidavit sworn to by William Arorote, the Company secretary of the 1st, 2nd and 3rd Plaintiffs. The affidavit is accompanied by eight exhibits marked A, B, B', C, D, D', Dand E respectively, All the exhibits attached except E are all Court processes, i.e. rulings and orders of superior Courts of record including the Federal High Court.

We also filed a written address and affidavit of urgency.

The orders sought are listed on the motion paper. We have listed 20 grounds upon which the application is predicated.

On 22/2/2021 vide exhibit D", this Court per Abang J made order vacating the orders made in that suit, which the Respondents have gone on Appeal to the Court of Appeal challenging the ruling in exhibit D and the appeal is still pending.

However on 26/7/2021, the 1" Respondent made online publication stating that they have approved certain appointment which will affect the substance of the suit pending before the High Court of Lagos. The 1° Respondent if not restrained, they will destroy the res, which is the issue of the alleged debt, that is still pending before the High Court of Lagos.

We have given undertaking to damages in paragraph 46 of the affidavit. We also adopt the written address and urge the Court to grant the application.

Having listened to the learned senior counsel to the Plaintiffs/Applicants on the Motion Exparte.


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Related Links

1. Memo To AMCON: Nigerian Tax Payers are not Responsible for Repayment of Bad Debt - Jul 23, 2020

2. Operational Guidelines on Global Standard Instruction (GSI) - CBN, Jul 15, 2020

3. Executive Summary: NPLs & Bank Debtors - The Case for a New Industry Approach - May 14, 2020

4. (PDF) NPLs & Bad Debtors: - The Case for a New Industry Approach - Debtors Africa, May 13, 2020

5. AMCON and Financial Services Debt Burden in Nigeria Aug 17, 2018

6. (PDF) - Coronanomics and the Nigerian Economy - Jun 06, 2020 

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