Court sets aside appointment of AMCON receiver for Avian Ltd
June 1, 2016
Written by:
Yejide Gbenga-Ogundare
Justice Ibrahim Buba of a Federal High Court, Lagos Judicial division, has given an order setting aside the appointment of Chief J. Akingbola Akinola, as the Receiver Manager of Avian Specialties Nigeria Limited, on the ground that the said appointment is in disregard and defiance of the ex-Parte order of the court made earlier on January 29, 2016.
The court further gave an order instructing Chief Akinola, described as the Receiver Manager appointed by the Asset Management Corporation of Nigeria (AMCON), to vacate the premises of Avian Specialties Limited and its farm that he took possession of on March 23, 2016 in disregard of the Interim Order of Injunction made by the court restraining AMCON from appointing itself or any other person as receiver manager of the company.
The court further held and ordered that Avian Specialties could reverse all steps taken by Chief Akinola as Receiver Manager appointed by AMCON in relation to the management and affairs of the company.
The steps covered by the court reversal order includes freezing of the accounts of Avian Specialties, the opening of new bank account in the name of the company and taking over the operations and management of Avian Specialties Nigeria Limited.
The court in its ruling held that, “pursuant to the disciplinary jurisdiction of the court, an order of the honourable court setting aside the appointment of Chief J. Akingbola Akinola as Receiver Manager of Avian Specialties Nigeria Limited which appointment was registered with the Corporate Affairs Commission on February 15, 2016 in disregard or defiance of the ex-parte order of the court on January 29, 2016, restraining the Assets Management Corporation of Nigeria from appointing itself or any other person as Receiver Manager over the affairs of the company.”
Avian Specialties Nigeria Limited and Mr James Olugbenga Oluwole, had filed an application against Keystone Bank Plc, AMCON and Chief J. Akingbola Akinola, before the court asking for an order setting aside Chief Akinola’s appointment among many such other others.
A Federal High court sitting in Abuja had, in a similar application filed by AMCON and Chief Akinola, on May 23, 2016, discharged the Ex parte Orders that it earlier granted in favour of AMCON and Chief Akinola, after hearing arguments from counsel to Avian, stating that the Exparte order was obtained through willful concealment.
The court further gave an order instructing Chief Akinola, described as the Receiver Manager appointed by the Asset Management Corporation of Nigeria (AMCON), to vacate the premises of Avian Specialties Limited and its farm that he took possession of on March 23, 2016 in disregard of the Interim Order of Injunction made by the court restraining AMCON from appointing itself or any other person as receiver manager of the company.
The court further held and ordered that Avian Specialties could reverse all steps taken by Chief Akinola as Receiver Manager appointed by AMCON in relation to the management and affairs of the company.
The steps covered by the court reversal order includes freezing of the accounts of Avian Specialties, the opening of new bank account in the name of the company and taking over the operations and management of Avian Specialties Nigeria Limited.
The court in its ruling held that, “pursuant to the disciplinary jurisdiction of the court, an order of the honourable court setting aside the appointment of Chief J. Akingbola Akinola as Receiver Manager of Avian Specialties Nigeria Limited which appointment was registered with the Corporate Affairs Commission on February 15, 2016 in disregard or defiance of the ex-parte order of the court on January 29, 2016, restraining the Assets Management Corporation of Nigeria from appointing itself or any other person as Receiver Manager over the affairs of the company.”
Avian Specialties Nigeria Limited and Mr James Olugbenga Oluwole, had filed an application against Keystone Bank Plc, AMCON and Chief J. Akingbola Akinola, before the court asking for an order setting aside Chief Akinola’s appointment among many such other others.
A Federal High court sitting in Abuja had, in a similar application filed by AMCON and Chief Akinola, on May 23, 2016, discharged the Ex parte Orders that it earlier granted in favour of AMCON and Chief Akinola, after hearing arguments from counsel to Avian, stating that the Exparte order was obtained through willful concealment.
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