Justice Mohammed Idris of the Federal High Court, Lagos, on Tuesday adjourned till Dec. 1 further hearing in the case filed by Union Bank of Nigeria against Mr Jimoh Ibrahim, an industrialist, over an alleged N22.55 billion debt.
Others joined in the suit were NICON Investment Ltd, Global Fleet Oil and Gas Ltd, Nigeria Reinsurance Corporation Plc, NICON Insurance Ltd and Union Registrars Ltd.
The bank claimed that it granted N41.27bn credit facility to the defendants for a period of 12 months which expired on Jan. 30, 2010.
The plaintiff also claimed that NICON Investment Bank drew down the loan account and fully utilised it for the funding of the operations of the firms within its group.
The bank, however, claimed that the said N22.55bn debt was outstanding as at April 30, 2010, three months after the credit facilities had expired, alleging that NICON Investment had refused to liquidate the debt in spite of repeated demands.
The plaintiff asked the court to restrain Global Fleet and its agents from dealing with its 51 per cent shares held in Nigeria Re and NICON (the shares were used as security for the loan) pending the determination of the motion on notice.
The plaintiff is further asking the court to restrain NICON from registering any transfer of Global Fleet’s 51 per cent shares in Nigeria Re and NICON in favour of any person other than the bank.
At the resumed hearing of the case on Tuesday, counsel for the defendants, Messrs Niyi Akintola Dele Adesina , Tayo Oyetibo and Bolaji Ayorinde asked the court for an adjournment to enable then to file their responses.
They contended that they were still within time to file their responses to the motion on notice filed by the plaintiff.
Counsel to the plaintiff, Kemi Pinheiro , however, told the court that he had no objection to an adjournment.
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