A Lagos State High Court sitting at the Osborne area in Ikoyi has
threatened to jail executives of banks who fail to disclose the amount
to the credit of Imagine Global Holding Company Ltd, Imagine Global
Solutions Ltd, and the Nigerian couple, Bamise and Elizabeth
Ajetunmobi.
The two firms and the Ajetunmobi couple have been associated with an
N11.795bn investment fraud by some aggrieved Nigerian investors who
filed the suit before the court.
According to the applicants, the sum of N11.795bn is the outstanding
investments and return on investments accruing to them from the
defendants.
At the hearing of the case on Wednesday (November 3), Justice Toyin
Oyekan-Abdullahi, noted that some banks are yet to comply with the
court’s October 20, 2021 order granted in favour of the investors.
The order restrained commercial banks in Nigeria from releasing funds
up to N11,795,090,000 to the two firms and the Ajetunmobi Couple who
have reportedly fled to Antigua and Barbuda.
The order also commanded the banks to, among other things, file and
serve on the applicants counsel within seven days, an affidavit
disclosing the balance in the defendants’ accounts.
The order was sequel to a motion exparte filed by 17 applicants on October 15.
Justice Oyekan-Abdullahi expressed displeasure at the conduct of the
banks who failed to strictly comply with the court order.
She warned that besides sanctioning any defaulting bank executive, any
lawyer that acts contrary to the order of court also risk being
sanctioned, because “the court will not allow the citizens of this
country to keep weeping because of the absconding investors.”
The court was told that one of those affected by the conduct of the
Ajetunmobis and their companies was Wema Bank which allegedly gave a
loan to Imagine Global in September, 2021, after accepting the
defendants’ properties as collateral.
The bank, as an interested party, subsequently filed an application
seeking a discharge of the court order.
The applicants through their lawyers, however, opposed the application
on the ground that Wema Bank is equally a victim by virtue of the
personal guarantees the defendants executed in favour of the
applicants as far back as January 2020.
The applicants alleged that N17Billion 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 of the company.
The applicants have also resisted a move by a firm, Mainstreet Capital
Ltd seeking to be joined as co-claimant in the suit.
Through the law firm of Babalakin & Co, Mainstreet Capital Ltd, which
also invested in the defendants, approached the court.
The original applicants, 17 of them insisted that anyone with
grievances against the couple “should go and file their own case.”
The original applicants are Mr Olabode Olanipekun, Mr Segun
Animashaun, Mrs Abioye Idris, Mrs Erhi Ojoboh, Mrs Laurel Onumonu and
Mr Olanrewaju Aderounmu.
Others are Mr Edet Udo, Mr Chikezie Nwokocha, Dr Onyekachi Onubogu,
Mrs Aderonke Salami and Grantiff Investment Ltd.
Shalom Microfinance Bank Ltd, Afrinvest Asset Management Ltd, Global
Stonecrest Bureau De Change, Headway Microfinance Bank Ltd,
Hollandpark Bureau De Change and Alstom Matrix Ltd also made the list
of applicants.
Justice Oyekan-Abdullahi thereafter adjourned till November 11, for
the banks to show cause in compliance with the order of court.


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