Court Prevents AMCON from Acquiring Aero Contractors’ assets

An Abuja Federal High Court on Thursday restrained the Asset Management Corporation of Nigeria, AMCON from acquiring the assets of Aero Contractors Limited.
Justice Ahmed Mohammed had granted the requests in an application by the embattled former Managing Director of the defunct Oceanic Bank PLC, Cecilia Ibru, seeking an interlocutory order to stop AMCON from
taking over the assets of the company.
At the resumed hearing of the suit on Thursday, counsel to Mrs. Ibru, Ted Iseghohi-Edwards, had challenged the plan to take over the assets of Aero Contractor on the ground that AMCON breached the terms of agreement entered with the Federal Government in 2010.
At the sitting on Thursday, Mr. Iseghohi-Edwards moved a motion for the maintenance of status quo, pending the determination of the substantive suit.
Mr. Iseghohi Edwards urged the court to grant his client’s application for the restraining order to protect the substance of the case. The lawyer argued that this is necessary considering the recent moves by AMCON to acquire the asset, notwithstanding the pending case challenging the action.
Counsel to the defendants, the Attorney-General of the Federation, and AMCON, Abayomi Okubote and Terhemba Gbashima, respectively opposed the motion.
But Justice Mohammed in his ruling granted the application and ordered parties to the matter to return to the status quo, prior to the commencement of the suit, which was that plans to dispose of Aero Contractors’ assets should be stopped forthwith till further notice.
“The plaintiff’s prayer is that in the last few days, AMCON had made moves toward acquiring the assets of Aero Contractors Limited. He prayed the court to grant an order for the maintenance of status quo in view of the court’s forthcoming vacation,” Justice Mohammed said.
“Consequent upon the above reason, I hereby, order parties to maintain status quo until the determination of this suit. If, however, it is later proved that the plaintiff hid some material facts about Aero Contractors, it should be prepared to pay whatever damages to the defendants,” he declared.
Before adjourning the case till September 17, 2014 for further hearing, the judge ordered the plaintiff to file an undertaking within 24 hours to the effect that the company would bear the cost of any material facts of the case found to have been hidden from public knowledge.
(NAN)