It is also noted that PartVI of the Act provides for Special
Debt Recovery Procedure without listing what amount to special debt
recovery procedure. The Part contains only Section 53 which
provides as follows:
“The Chief Judge of the FHC may designate any Judge of the FHC
to hear matters for the recovery of debts owed to the Corporation
or an eligible financial institution and other matters arising from
the provisions of this Act to the exclusion of any other matter for
such period as may be determined by the ChiefJudge.”
The phrase “eligible financial institution” as used above is
defined in the Act at Section 61 to mean a Bank duly licensed by
the Central Bank of Nigeria to carry on the business of banking in
Nigeria under the Banks and Other Financial Institutions Act.
It is correct to say that Part VI and Section 53 of the Act can
be relied upon either byAMCON or any other Bank in the recovery of
debt in a Banker Customer relationship.
Pursuant to this Special Debt Recovery Procedure as provided for
in Part VI, Section 53 of the Act, the Chief Judge of the FHC
issued the AMCON (Special Debt Recovery) Practice Directions 2013
pursuant to its powers under the Federal High Court Act and the
Constitution.
The aforementioned Practice Direction was issued by the Chief
Judge based on the express definition of Court in the AMCON Act as
Federal High Court and also based on the express powers given to
the Chief Judge under Section 53 of the AMCON Act to designate any
Judge of that Court to handle matters of recovery of debts byAMCON
and Banks under Special Debt Recovery Procedure.
The coming into effect of the said Practice Direction only
implies that it will regulate such matters as instituted at the
Federal HighCourt either by AMOCN or any other Bank for recovery of
debts.
Kelly Oghenero Ogbe, Esq. ACIArb., Afe Babalola & Co.,
Ibadan Office
ICPC
Estate Agent Arraigned for Selling Principal’s House
worth N20.5m
An Estate Agent, Mr. Raymond Ikhazuangbe, has been arraigned by
the Independent Corrupt Practices and Other Related Offences
Commission (ICPC) for allegedly selling a house kept in his care
for N20.5 million.
The Commission, in a 5-count charge before Justice Hassan
Babangida, of the High Court of the Federal Capital Territory,
Jabi, Abuja, accused Ikhazuangbe of dishonestly selling a property
located in Gwarinpa, Abuja, belonging to Mr. Philip Imoukhuede and
his wife, Christiana, to one Fatai Salawu, while claiming to be the
rightful owner.
Ikhazuangbe, who was entrusted to look for tenants for the house
by the owners turned around to sell the property by forging several
documents including: Irrevocable Power of Attorney, To Whom It May
Concern Letter of Authority, and Deed of Assignment, to convince
the buyer, Salawu.
ICPC noted that the offence contravenes Section 311 and is
punishable under Section 312 of the Penal Code Act, Cap 532 Laws of
the Federal Capital Territory, Nigeria.
One of the counts reads: “That you, Raymond Ikhazuangbe, about
the month of June 2012, in Abuja being entrusted with the property
known as House No. 19 Ameh Oboni Street, Gwarinpa Housing
Authority, Abuja, by the joint owners, Mr. Philip Olatunji
Imoukhuede and Mrs. Christiana Imoukhuede and in the clear breach
of the owners’ instructions to rent out the said house to tenants,
dishoneslty disposed of and/or sold the aforesaid house to Engr.
Fatai Salawu for the sum of N20.5 million and you thereby committed
an offence contrary to Section 311 and is punishable under Section
312 of the Penal Code Act, Cap 532 Laws of the Federal Capital
Territory, Nigeria.”
The accused pleaded not guilty when the charge was read to him.
His Counsel, Obiora Ilo, prayed the court to grant him bail in
liberal terms arguing that he was a first-time offender and would
not jeopardize investigations while on bail.
ICPC Lawyer, Dennis Idoko, who did not oppose the bail
application, however prayed the court to make sure that the terms
of bail were firm such that they would ensure that the defendant
appears in court for his trial.
Justice Babangida, while ruling on the bail application,
admitted the accused to bail in the sum of N10 million with a
surety in like sum. He said that the surety must be a civil servant
in the employment of the federal government not lower than Grade
Level 13 and must present evidence of his employment to the
court.
Signed: Mrs. Rasheedat A. Okoduwa, mni
Spokesperson for the Commission