A Federal High Court sitting in Ikoyi, Lagos has today ordered the defreezing of the accounts of NICON Group which has Barr. Jimoh Ibrahim as Chairman.
Hon Justice Seidu gave the order following the hearing of a case brought before the court to discharge the freezing order hitherto obtained by Asset Management Company of Nigeria (AMCON).
NICON Group was represented by ten lawyers including three Senior Advocates who came to present its side of the story especially regarding the Freezing Order that was obtained ex-parte on the 21st June 2016.
After listening to the arguments to discharge the freezing order, Counsel to AMCON led by Mr. Yusuf Ali, SAN could not respond to the applications for the discharge but asked for an adjournment to exploit settlement and reconcile accounts in dispute through their respective accountants.
Mr Ali SAN conceded to an immediate vacation of the freezing order in the face of the applications against it with damming and unassailable facts and for unfettered settlement discussions to take place.
The honourable court agreed to the application to discharge the freezing order and the matter was subsequently adjourned to August 1, 2016.