{"id":283007,"date":"2011-02-26T23:44:19","date_gmt":"2011-02-26T23:44:19","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/02\/26\/alleged-debt-nicon-wins-case-against-union-bank\/"},"modified":"2011-02-26T23:44:19","modified_gmt":"2011-02-26T23:44:19","slug":"alleged-debt-nicon-wins-case-against-union-bank","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/02\/26\/alleged-debt-nicon-wins-case-against-union-bank\/","title":{"rendered":"Alleged debt: NICON wins case against Union Bank"},"content":{"rendered":"
\n

By Innocent Anaba<\/strong><\/p>\n

A Federal High Court sitting in Lagos, Friday, struck out the suit by the Union Bank Plc against NICON Investment Ltd. The court held that the suit was incompetent and constituted an abuse of the judicial process.<\/p>\n

Trial judge in the matter, Justice Okon Abang in a two_hour ruling held that the plaintiff\u2019s suit was incompetent since a similar suit instituted by NICCON against it was still pending before a Lagos High Court.<\/p>\n

The bank\u2019s action, according to the court, constitutes an unnecessary duplicity of suit and was therefore an abuse of judicial process.<\/p>\n

The court also discharged an\u00a0 ex-parte injunctions it granted against NICON and its agent on November 15, 2010, holding that they were not properly obtained as the court lacked jurisdiction to grant same.<\/p>\n

It will be recalled that Justice Mohammed Idris, also of the Federal High Court, had granted\u00a0 the ex-parte order following an\u00a0 application of the Union Bank, which had prayed the court to restrain the transfer of 51 percent of NICCON shares until the determination of the pending suit.<\/p>\n

Union Bank had filed the action against four firms and their alter ego (promoter), Mr. Jimoh Ibrahim, on the alleged grounds that the defendants owed it N22.55bn.<\/p>\n

Also joined in the suit were NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Reinsurance Corporation Plc, NICON Insurance Limited and Union Registrars Limited and the Corporate Affairs Commission. The court in its ruling, held that the plaintiff ought not to have brought the suit since a similar suit instituted by NICON against it was still pending before a Lagos High Court<\/p>\n

According to the court, \u201calthough the plaintiff here is the defendant in the other case and vice versa, nonetheless, the facts are very similar and the case here means that Plaintiff is filing a cross action. I hold that the plaintiff\u2019s suit before this court is cross_action, notwithstanding they are differently couched and differently worded. It is cross action based on the same facts and involving the same parties as in the earlier suit.\u201d<\/p>\n

Further the court said, \u201cthere are two pertinent questions here, firstly, why didn\u2019t the plaintiff file a defence and counter_claim to the case at the Lagos High Court?\u00a0 Secondly why didn\u2019t the plaintiff disclose in its pleadings that\u00a0 there was a pending case before a court of coordinate jurisdiction? The plaintiff obviously has not acted in good faith by not making this disclosure. In all,\u00a0 I hold that the plaintiff\u2019s case constitutes an abuse of judicial process and it is hereby struck out. A cost of N15, 000 is awarded in against the plaintiff in favour of\u00a0 NICON Investment Ltd.\u201d<\/p>\n

Justice Abang said if the two cases were allowed to be determined and the NICON succeeds and gets judgment in its claim\u00a0 at the Lagos High Court that Union Bank owed it the sum of 130 million pounds while Union Bank also, supposedly, succeeds in its claim that NICON owed it N22.55bn, \u201cwhich of the two conflicting\u00a0 judgments will the parties obey? That is to tell you the plaintiff\u2019s case, being the later in time, cannot stand.\u201d<\/p>\n

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\nAlleged debt: NICON wins case against Union Bank<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

By Innocent Anaba A Federal High Court sitting in Lagos, Friday, struck out the suit by the Union Bank Plc against NICON Investment Ltd. The court held that the suit was incompetent and constituted an abuse of the judicial process. Trial judge in the matter, Justice Okon Abang in a two_hour ruling held that the plaintiff\u2019s suit was incompetent since a similar suit instituted by NICCON against it was still pending before a Lagos High Court<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-283007","post","type-post","status-publish","format-standard"],"yoast_head":"\nAlleged debt: NICON wins case against Union Bank - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2011\/02\/26\/alleged-debt-nicon-wins-case-against-union-bank\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Alleged debt: NICON wins case against Union Bank - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"By Innocent Anaba A Federal High Court sitting in Lagos, Friday, struck out the suit by the Union Bank Plc against NICON Investment Ltd. 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