Justice Saliu Saidu of the Federal High Court, Lagos has fixed December 10, to hear a motion filed by a businessman, Uche Francis Ubajaka, challenging the freezing of his account by the Asset Management Corporation of Nigeria (AMCON) over alleged N208 million debt.
Two firms owned by Ubakaja; Grunz Link Nigeria Ltd and Pructton Associates Nigeria Ltd as well as two members of his family; Ifunaya Theresa-Anne Ubajaka and Obiorah Benedict Ubakaja, who were also affected by the freezing order have equally filed a motion to challenge it.
Justice Saidu had on October 30,, after granting an ex-parte motion filed by AMCON, ordered the freezing of the various accounts of the applicants domiciled in Access, Fidelity and Zenith banks.
Dissatisfied, Ubakaja and others filed separate motions through their lawyer, Chief Emeka Okpoko (SAN), seeking court’s order vacating and setting aside the freezing order.
In the motions, the applicants contended that the court lacks the jurisdiction to grant the freezing order against them.
They argued that the freezing order was obtained by AMCON upon concealment and misrepresentation of material facts.
According to them, Section 50 (1) of the Asset Management Corporation Act 2010 as amended in 2019 which authorizes AMCON to obtain an order of court freezing debtors accounts is not applicable to them.
It was averred that the freezing order was made in breach of Sections 36 (5), 43 and 44 (2) (k) of the Constitution and is therefore void.
Particularly, in his motion, Ubajaka contended that he had challenged the purported debt in the High Court of Lagos State in suit number; LD/59/2013 and is currently a subject of appeal in Appeal No: CA/L/1232/18.
In a further amended statement of claim attached to his suit at the High Court, Ubajaka averred that on August 2007, he secured a loan facility of N52.1 million from First City Monument Bank (FCMB) to purchase shares from the Nigerian Stock Exchange.