A Lagos state high court sitting at Osborne, Ikoyi, has threatened to jail bank executives who failed to comply with an order directing them to disclose the amount to the credit of Imagine Global Holding Company Limited.
Toyin Oyekan-Abdullai, the judge, had on October 24, granted an ex parte order restraining 21 banks in Nigeria from releasing funds to Imagine Global Holding Company Limited, Imagine Global Solutions Limited and its owners, Bamise and Elizabeth Ajetunmobi, over an alleged N22 billion scam.
In the suit marked LD/579CM/2021, the applicants who are aggrieved investors of the company are claiming that N11,795,090,000 is the outstanding investments and return on investment accruing to them from the defendants.
The judge also restrained the defendants, in the interim, from dealing with any of the fund standing to their credit in any accounts in the banks up to the amount.
The court further restrained the defendants from selling, transferring, assigning and/or dealing with the following properties: Apartment 7, Oakwood Residences, 23, Cooper Street, Ikoyi, Lagos and B4, Gate 3, Lafiaji Road, Victoria Crescent Estate, Olugborogon, Chevron, Lekki, Lagos or any other properties of the 1st, 2nd 3rd and 4th Defendants that can be traced and located by Claimants/ Applicants during the pendency of the suit.
The judge had directed the banks to file and serve on the claimants/applicants’ counsel within seven days of service of the order on them, an affidavit disclosing the balance on the defendants’ accounts.
At the court session on Wednesday, the court expressed displeasure with some of the banks yet to strictly comply with the order.
Asides from sanctioning any defaulting bank executive, the judge warned that any legal practitioner that acts contrary to the said order would also be sanctioned.
“The court will not allow the citizens of this country to keep weeping because of the absconding investors,” she said.
Meanwhile, Wema Bank has filed an application seeking to discharge the order of the court as an interested party. The bank in its application claimed that it gave a loan to Imagine Global in September 2021, after accepting the defendants’ properties as collateral.
Also, a firm known as Mainstreet Capital Limited through its solicitors Babalakin & Co, filed an application seeking to be joined as a co-claimant in the suit on the grounds that it invested in the defendants.
But Adetunji Adedoyin-Adeniyi, counsel to the applicants, opposed both applications.
Adedoyin-Adeniyi said Wema Bank cannot seek to discharge the order because it is equally a victim as much as the claimants.
He alleged that N17 billion had passed through Imagine Global’s account with Wema Bank between May 2020 and May 2021 and the Bank is yet to place before the court the detailed statement of account the firm.
Adedoyin-Adeniyi also argued that no other organisation should be allowed the claimants in the suit. He said many organisations which lacked the courage to go after Imagine Global and its owners, now want to straddle on the claimants who took the first step.
TheCable understands that there are about 55 applicants in the suit while many lawyers filing to join suit on behalf of their clients.
The court adjourned the matter till November 11, 2021 for the banks to show cause in compliance with the order of the court. (The Cable)
