Akwa Ibom government says it has appealed the ruling on a Garnishee Proceedings filed by Bond Investment Holdings Ltd at Federal High court in Abuja against the state government.
”Last month, the State government was notified of a Garnishee Order nisi made by the High court of the Federal Capital Territory in a Garnishee Proceedings filed by Bond Investment Holdings Ltd against Akwa Ibom state,’’ the government reacted.
A press release signed by the state Commissioner for Information & Strategy, Comrade Ini Ememobong, noted ”The Learned Attorney General and Commissioner for Justice, Uko Udom, SAN immediately caused processes to be filed in court to oppose the grant of a Garnishee Order Absolute.”
In what looks as a rejoinder to a press release by All Progressives Congress on the issue, Ememobong pointed out, ”The judgment of the court upon which the Garnishee Order nisi was made had since been appealed against and the appeal entered at the Court of Appeal, Abuja.
”The facts of this matter emanate from a contract entered by the Government of Akwa Ibom State in 2010.
”With this, issues have been joined in court and therefore, in-depth discussion of the case may be subjudice.
”We can assure Akwa Ibom people that the Government will always act in the best interest of the state in all circumstances.’’
Recall that the Akwa Ibom Chapter of All Progressives Congress had on Saturday, August 21, in a statement penned by its Publicity Secretary, Nkereuwem Enyongekere, alleged that ”Globus Bank, one of the bankers to the state government, had agreed to withhold a whopping N3,500,000,000 (N3.5 billion) held in the state’s account, pending the conclusion of Garnishee proceedings initiated by Bond Investment Limited against the state over a N4.2 billion judgment debt.’’
The statement reads in part, “APC has received a damaging report on the financial transaction involving a company known as Bond Investment and Holdings Limited, Akwa Ibom State Government and Globus Bank, a Bank in which Governor Udom Emmanuel said to have huge and controlling shareholding interests.
In the statement entitled, Akwa Ibom Government, Globus Bank and a Question of Integrity, the party “What we know, which has already been reported in the media, is that Globus Bank Limited, one of the bankers to Akwa Ibom State Government, has agreed to withhold N3,500,000,000 held in the state’s account, pending the conclusion of garnishee proceedings initiated against the state over a N4.2 billion judgment debt.
“The garnishee proceedings were initiated by a financial management consultancy company, Bond Investments and Holdings Limited, in whose favour the High Court of the Federal Capital Territory gave the N4.2 billion judgment on June 11, 2020.
“Bond Investment had sued Akwa Ibom State Government, accusing the state of failing to meet its obligations concerning a contract agreement between them. In the suit, Bond stated that the state had engaged it to offer financial consultancy services to reconcile and recover excess deductions/charges on all the state’s foreign loan debt.
“It stated that parties signed a consultancy agreement dated June 30, 2010, regarding the reconciliation and recovery of excess deductions/charges on all Akwa Ibom State’s foreign loan debt.’’
According to APC, “Bond added that one of the terms of the consultancy agreement was that it (Bond) would be entitled to be paid 15 percent of any sum refunded to Akwa Ibom State based on its (Bond’s) reconciliation and recovery efforts
“It further stated that during the lifespan of the agreement, it reconciled and recovered $61,277,096.07 for the state from the Federal Government of Nigeria on the London Club debt.’’
Bond stated that despite several demands, the Akwa Ibom State Government refused to pay it 15 per cent of the recovered sum as agreed by parties in the consultancy agreement. In the June 11, 2020 judgment, Justice Olukayode Adeniyi agreed with the plaintiff’s lawyer, Kehinde Ogunwumiju (SAN).
