The Ex parte orders obtained by AMCON on 30/3/2017 against Mr. Nsima Ekere have been vacated by the Federal High Court, Uyo.
Justice Ijeoma Ojukwu of the Federal High Court, Uyo, has vacated the ex parte order she granted on March 30, 2017 freezing the accounts of Mr. Nsima Ekere, the Managing Director of Niger Delta Development Commission (NDDC).
While handing down the discharge Order, the Court had no kind words for AMCON. The Court lambasted AMCON for being less than truthful in its application against Mr. Nsima Ekere.
It would be recalled that in the affidavit in support of the application against Mr. Ekere, the asset management agency referred to Mr. Nsima Ekere as a “recalcitrant debtor” and also failed to disclose that there were ongoing negotiations to defray the exposure.
Mr. Ekere had in an application to vacate the Orders argued that AMCON did not make full and honest disclosure of the issues in the case.
The Court granted AMCON’s prayer to explore amicable settlement.
The judge, however, encouraged both parties to seek an amicable resolution of the issues out of court and adjourned the case to June 27, 2017 for report of settlement.
Investigations reveal that Ekere actually took no loan from the defunct Oceanic Bank but rather went into a margin trading facility with the bank.
In that partnership agreement, Ekere deposited N3 million with the bank which was supposed to match it with N12 million to buy one million units of shares of Dangote Cement Company in 2007, an agreement the bank never kept before it ceased to exist.
Ekere’s lawyers had written to AMCON to produce the share certificate which they failed to do.