“What AMCON got was an interim court order; it lasts for 14 days but what we read in the newspapers was as if they got a court judgment against us, which is not true. However, what really happened is this: We had a transaction with Union Bank in which we used our Pound Sterling account to borrow some cash from Union Bank, meaning that it was cash-for-cash lending.

We have our group life savings, which we refer to in the group as ‘reserve’ in Pound Sterling with Union Bank and over time we deposited 132 million Pound Sterling cash in that account, against that, we then borrowed N16 billion. As at that time, the naira value of the cash that we had with the bank was N32 billion and we borrowed N16 billion; obviously we had excess surplus with Union Bank and that was a good loan that any bank will do, meaning that the cash that we had with the bank was far more than what we borrowed.

Along the line, we wanted to repay the N16 billion loan with part of our Pound Sterling loan, as we were trying to do we’re informed that Union Bank has been bought over by Central Bank of Nigeria and a new management led by Mrs. Funke Osibodu put in place. When the new management led by Mrs. Funke Osibodu came in, we had a meeting with them.

At the meeting they said to us that they were new and needed some time to study the transaction to be sure that it was in order. We told them that was fine by us, we even gave them records of our Pound Sterling account including the statement of account of the fixed deposit account and the certificate that was given to us as proof of the transaction and they didn’t deny that we were owe them the money. So that was not a problem again.

The next thing we heard was that they have sold the money and we were like how could you have sold the money without authorisation from us. The next thing we saw was again was a writ of summons to appear in court. When we got to court we showed the court proof of our deposit with Union Bank, we also showed them documents that showed what we borrowed from them. The court looked at the documents and gave judgment. In the 130-page judgment, court dismissed the case brought by Union Bank against us. In other words, Union Bank lost the case they instituted against us.

We then applied to a Lagos High Court for order to collect the judgment since we didn’t institute the case, we only went to court to defend a case brought against us so we could approach a Lagos High Court to get our money back. At that point, Union Bank then filed papers and admitted that it was true that we had the money with them adding that they needed sometime to file their papers. The court then adjourned for definite hearing of the case; but while the Lordship was preparing to hear the case, she asked both parties to agree on documents to be tendered so that the case can be heard on the strength of the documents that both parties have agreed on; then the counsels were doing that. The next thing we heard was that AMCON had gone to court to get an interim order against us.

They went to court last week. This case has been in court since 2010; we’re now in 2016; so how come AMCON still went to court when then they knew that the case was still in court and Union Bank has put up appearance and that Union Bank has lost one of the cases.

In fairness to AMCON, the former management of AMCON was aware of the court cases and they didn’t bother with us; or perhaps they were waiting for judgment to be delivered in the case before they act. What we suspect is that someone in AMCON may have told them a lie that there was no case pending in court on the matter and then they went on to get an interim order that says they should possess N50 billion against us, that is, the N16 billion with interest from that period to the present is now N50 billion.

Okay, what about the 132 million Pound sterling that was agreed on five per cent interest rate which would have risen to 175 million Pound sterling, which is now N96 billion? So who owes who? If I had N96 billion with you and I owe you N50 billion, how then do you now come around to say I am owing you? What about the N46 billion balance?

My suspicion is that, the exchange rate has become a problem for Union Bank. The real problem could be that the exchange rate rose against the bank and everybody is panicky, as at the time we were doing the transaction the Pound was N250 and it is now N550 to a Pound which is to our advantage, which means that the volume of money that we have with them has grown.

But I was still joined in the case despite the fact that in the initial judgment the court declared that joining me in the case was done in bad faith. If a company borrowed money why are you joining Jimoh Ibrahim?

The fact that AMCON is coming six years after, when we are still in court is condemnable. It is an abuse of court process because they are aware that the case is still in court; they shouldn’t have come up with all of these, they should have waited until judgment is delivered in the matter before they acted.

My response is to discharge the court order. The agreement that AMCON and Union Bank entered into was in December 2010 while we filed our case on May 28th 2010; in order words, while the second case was pending they ((Union Bank and AMCON) were already meeting. So they know that it wasn’t a right move to make. And even if AMCON had bought the debt why didn’t they inform us or invite us to a meeting to tell us that they have bought over our debt with Union Bank. They didn’t call us from 2010 to 2016 to come and discuss our ‘debt’.

What we have done is to file court papers to discharge the interim court order, after that, we will wait for the judgment at the Lagos High Court to collect our Pound Sterling and if we are owing them any money, we will pay Union Bank. Of course, our money is with Union Bank; that is not in doubt.

That is why we’re in court. That is why the court will pronounce that we have money with them since they didn’t deny that we do. The action of AMCON is mischievous and it is killing the country’s economy. A man has N86 billion with you and you say he is owing you N50 billion, you didn’t convene a single meeting with him for almost six years and then you suddenly wake up one day and rushed to court to obtain an interim order just because President Buhari is now in office and you want to impress him that you are working.

Lest I forget, in the interim court order that they got, they said I am the owner of Cumberland Hotel in London; am I the owner? They also deceived the Court that I am the owner of Grand Mid-West Hotel in Dubai, this was the hotel where we had our group seminar, and they also stated that AMCON will take them over. They also listed number 94 Awolowo Road, Ikoyi, Lagos House as belonging to me because it is called “Energy House;” same thing for former Allied Bank building at No 3 Apapa-Oshodi Expressway. The court was deceived to grant orders against properties that I don’t even know who owned them.

I think AMCON is just being mischievous. If you bought over an alleged debt, it is only proper that you convene a meeting between the two parties to have a discussion around the issue; you don’t buy a debt and only meet with one party without meeting with the other party. More so, you know that they are in court and that one party has deposit with the other party.

Then again, NICON Insurance didn’t borrow any money, NICON Hotel didn’t borrow any money; in the case filed by AMCON there was no mention of these companies so why then go after the companies.

Does it mean that because one company belongs to a group it can’t have a different business interest? I am not the only shareholder in the group that we’re talking about here; for instance, Federal Government of Nigeria has shares is NICON Insurance, does it then mean that Jimoh Ibrahim owns the place and then they should go and seal it up. I don’t know what their motive is; are they really pursuing recovery or something else?

Well, I know that it is a straight forward case; we will have the order discharged. And if the court for any reason don’t discharge the order, we have the Court of Appeal.

Before I went into business in Nigeria, I was told that doing business in Nigeria was tough but I didn’t agree with them.

I believe the problem with doing business in Nigeria is a systemic problem, I don’t have a time frame but I know things will get better with time. It is not limited to business people alone or doing business in Nigeria. I am sure you are aware of how EFCC has been arresting people and the huge sums of money involved, it has permeated down to the grassroots so much that people are extremely fraudulent. The issue is that remuneration package for workers is low and people don’t see the reward for loyalty.

One of the solutions to the problem is for workers to be certain that they will get their due reward including pensions the moment they are done working. As a journalist, you want a situation that when you retire from active employment you can walk straight to the pension office and start drawing from your pension if that will not happen your loyalty will be affected.

It is the same thing with an airline worker, you work and expect to get your salary at the end of the month but if you were yet to get it for two months, the chances that you will not go for fairly used spare parts when you are asked to buy one is very low. Definitely you can compromise safety and the consequence of it is hundreds of people will die if the plane crashes. That said, doing business in Nigeria, I want to agree is very tough and difficult”.

– Culled from THISDAY