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Court dismisses Ibeto’s objection to Afribank suit

By Innocent Anaba
Efforts by business mogul, Chief Cletus Ibeto, to stop Afribank Nigeria Plc from winding-up his company, IBG Investments Limited over a N11.4 billion owed the bank has failed as the Federal High Court sitting in Lagos dismissed his preliminary objection, challenging the suit.

Ibeto also lost his bid to stop the bank from proceeding with the bankruptcy suit brought against him by the bank over the debt at the same court.

In two separate rulings delivered in the two cases by Justice Okon Abang and Mohammed Idris respectively, the court cleared the way for bank’s counsel, Mr Olisa Agbakoba, SAN,  to proceed with the winding_up of IBG Investments Limited and also proceed with the bankruptcy suit against Ibeto respectively for his inability to repay the N11.4billion loan.

While Justice Abang in the preliminary objection filed by IBG Investments Limited,  held that it lacked merit and consequently refused it, Justice Idris dismissed Ibeto’s preliminary objection on the same ground and awarded a cost of N10,000 against him.

In the bankruptcy petition, Afribank is asking the court for an order adjudging the debt the business mogul bankrupt.
The bank is also asking the court for an order directing that all assets interests and holdings of the said Ibeto either held personally or through their parties and privies be liquidated and the proceeds applied towards offsetting his debts.

It also wants the court for an order divesting the debtor’s shares, interests and holdings in all public and private companies and an order of perpetual injunction restraining him from appointment as a director in any public or private company in the country.


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