A fresh legal storm is brewing around the Asset Management Corporation of Nigeria (AMCON) as several of its top officials and legal representatives face contempt proceedings for alleged disobedience of subsisting court orders.
General Hydrocarbons Limited (GHL), along with its directors and shareholders, has instituted contempt proceedings against AMCON’s management, accusing the agency of “deliberate suppression of material facts and gross abuse of court process.”
Court filings before the Federal High Court, Lagos, allege that AMCON and its counsel failed to disclose to Justice Akintayo Aluko an existing injunction earlier granted by Justice A. Lewis-Allagoa of the same court, which restrained AMCON from appointing or continuing with any receivership over GHL.
Despite being aware of the restraining order, AMCON purportedly proceeded to obtain an ex parte order from Justice Aluko — an action GHL described as “a calculated attempt to mislead the court.”
GHL further maintains that AMCON falsely claimed the existence of an Eligible Bank Asset (EBA) issued by First Bank of Nigeria (FBN), even though only a partial payment had been made. FBN has since offered to refund the uncompleted transaction. Rather than pursuing the refund, AMCON is alleged to have “wrongly targeted GHL,” contrary to correspondence and filings already before the courts.
Following these developments, the Federal High Court issued a Form 48 – Notice of Consequence of Disobedience of Court Orders to the following AMCON officials:
Dr. Bala Bello (Chairman); Mr. Gbenga Alade (Managing Director); Mr. Adeshola Lamidi; Mr. Lucky Adaghe; and Dr. Aminu Mukhtar Dan’amu (Executive Directors).
Also served were Mr. Oluseyi Akinwunmi, the purported receiver appointed by AMCON, and AMCON’s counsel Bidemi Ademola-Bello, SAN, and Ade Adedeji, SAN.
The two senior advocates additionally face petitions seeking their debarment and derobing before legal and judicial authorities for allegedly flouting court orders “with impunity” and bringing the judiciary into disrepute.
Justice Lewis-Allagoa has ordered substituted service of the contempt processes via email, WhatsApp, official addresses, and publication in national newspapers.
