Court throws out IGI suit against Jimoh Ibrahim

Lanre Adewale, Abuja - 21.05.2008

A suit filed by Industrial and General Insurance to stop Mr. Jimoh Ibrahim and the Federal Government from going ahead with the planned out-of-court settlement on the ownership of NICON Insurance was on Tuesday thrown out by a Federal High Court in Abuja.

Justice Anwuri Chikere struck out the application on the ground that the reasons given by IGI for coming to court to challenge the out-of-court settlement were untenable.

The court fixed Friday for the adoption of the out of court settlement terms. Both Ibrahim and government agreed to settle out of court after bouts of litigation over NICON ownership.

The adoption of the out-of-court agreement was stalled last Monday due to the suit brought by IGI. IGI, through its counsel, Professor Abiodun Adesanya (SAN), in the application, contended that the process of the sale of 70 per cent equity to Ibrahim was unlawful, null and void and of no effect.

Adesanya, in the application, urged the court not to give effect to the settlement terms. Adesanya was supposed to move the application on Monday but failed to do so. He said he was not ready to move the application.

During the proceedings of the court on Monday, he urged the court to adjourn the case to Tuesday (yesterday). Justice Chikere allowed him and adjourned the case till yesterday.

When the case came up yesterday again, Adesanya told the court that he was not ready to move the application, saying that he had already filed a case in another court seeking to set aside the entire process that led to the sale of NICON to Ibrahim.