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Folawiyo seeks injunction against AMCON’s ex parte order, dissociates from defaulting company

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Tunde Folawiyo

A Lagos-based businessman, Mr Tunde Folawiyo, has filed an exparte motion before a Federal High Court in Lagos seeking an order of stay of execution of an ex-parte orders made against him in satisfaction of a judgement debt.
Justice Lewis Allagoa had made orders against Mr. Folawiyo in a suit filed by the Asset Management Corporation of Nigeria (AMCON) over Folawiyo’s alleged unpaid debt of N727.9 million in relation to a company directorship at Compagnie Generale de Logistique.
Folawiyo, in a suit no: FHC/L/CS/799/2020, is seeking an order of stay of execution of the ex-parte orders made against him on March 24, 2022 pending the hearing and determination of his Motion on Notice seeking to set aside the ex parte orders.
He is praying for the following relief: An order restraining the AMCON either by itself, agents, privies, servants or through any person(s) from taking any steps howsoever to enforce the ex-parte orders made against the applicant by the Court on 24th March 2022 pending the hearing and determination of the applicant’s Motion on Notice seeking to set aside the ex parte orders.
The ex-parte orders were predicated on the judgment of Justice Ibrahim Buba in Suit No: FHC/L/CS/207/2017; Asset Management Company of Nigeria (“AMCON”) v Compagnie Generale De Logistique & Others in 2017 (“Previous Suit”) in favour of AMCON in the sum of N522,464,978.66 against the defendants in the suit.
The applicant said he was not a party to the previous suit and was not served with the judgment on it.
AMCON claimed the applicant is a director in Compagnie Generale De Logistique, which took loan from Spring Bank and which judgment was principally obtained in the previous suit.
Contrary to the representations made by the Plaintiff, the applicant said he was not a Director of Compagnie Generale De Logistique at the time of the previous suit and was not in any way connected to the loan transaction with Spring Bank.
The applicant said he is, therefore, not a “debtor” within the contemplation of Section of 61 of the AMCON Act as to warrant the interim forfeiture of his assets and freezing of his bank accounts on account of the judgment obtained in the 2017 Suit.
He argued that a combined reading of Sections 49(2),50(2) and 61 of the AMCON Act would reveal that only current directors of a company fall within the definition of “debtor” as to warrant the freezing of their assets or accounts.
Mr Folawiyo told the court that AMCON failed to disclose or suppressed material facts about the status of the Applicant in Compagnie Generale De Logistique, the principal judgment debtor in the previous suit.
He added: “The exparte orders were obtained malafide against the applicant and constitute an abuse of court process.
“The applicant has a filed a Motion on Notice praying for the setting aside of the said ex- parte orders.
“The applicant’s pending set aside motion raises serious issues on why the Ex-parte orders ought not to have been granted.
“It is in the interest of justice to grant this application pending the hearing and determination of the applicant’s Motion to Set Aside the Ex-parte Orders.”
Mr Folawiyo argued that the originating summons filed by AMCON is incompetent as it had expired at the time of the grant of the ex-parte order.
He expressed concern about the impact the orders would have on his employees as well as the reputation of the three-generational family business he has worked hard to maintain and grow over the years.
Tunde Folawiyo is  the son and heir to the late Nigerian Businessman and philanthropist, Wahab Iyanda Folawiyo. Alhaji Wahab whose father, Tijani  was a wealthy local Merchant in the Colonial era, was known for funding , building orphanage homes and funding several local sports championships. In expanding his late father’s legacy, Mr Tunde Folawiyo attended the London School of Economics to broaden his business perspective and investment choices in addition to being a Barrister of the Court of England and Wales as well as Nigeria. In 2016, Folawiyo and his firm announced its first production of crude oil from the Aje Field, the first producing field outside of the Niger Delta area in Nigeria.
Reports say the multi-million dollar investment was aimed at reducing oil production pressure from the Niger Delta region. He is currently the Chairman of Yinka Folawiyo Group,  established by his father in 1957.
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Judiciary

Absence of Regina Daniel’s Friend, Izuegbu Stalls arraignment Over ‘Illegal Substances, Criminal Defamation

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The absence of Ms Anthonet Izuegbu, friend of estranged wife of Senator Ned Nwoko, Regina Daniels has stalled her arraignment over a case of Defamation and allegedly routinely sourced, handled, and administered controlled and illegal substances to Regina and associated individuals preferred against her.

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When the matter which is before Justice Ekerete Akpan of the Federal High Court Abuja, came up for arraignment on Thursday, July 16 2026, the defendant who collapsed during last arraignment was absent in court and the case was consequently adjourned to September 15, 2026.

Recall that Ms Izuegbu also known as “Ann” was arrested for criminal defamation against Senator Nwoko.

The Ned Nwoko media team, in a statement made available to the News Agency of Nigeria (NAN) stated that contrary to the misleading and inflammatory narratives being circulated across social media platforms, Izuegbu was arrested in connection with criminal defamation against the lawmaker.

The team explained that Izuegbu was arrested in connection with criminally defamatory statements she publicly made, alleging that the lawmaker physically assaulted his wife, Mrs Laila Nwoko, which resulted in a miscarriage.

“These claims are entirely false as no such incident occurred, and no miscarriage resulted from any alleged violence.

“The statements were made without evidence and form part of a coordinated attempt to reinforce previously circulated and unsubstantiated domestic violence allegations,” the team said.

The team also said that Izuegbu was implicated in the procurement of an illegal abortion for Regina Daniels, during her lawful marriage to the Nwoko.

According to the team, the incident occurred after the marriage, notwithstanding subsequent attempts to reframe the timeline.

“The legality of the act does not change based on narrative adjustments. The matter is on record and has previously been publicly referenced by Regina herself,” the statement said.

The team added that a formal witness statement dated Oct. 29, 2025 submitted to the Area Commander, Maitama Police Station, detailed repeated ongoing activities involving Izuegbua and others.

According to the team, the statement noted that Izuegbu allegedly routinely sourced, handled, and administered controlled and illegal substances to Regina and associated individuals.

The team further said that Izuegbu’s arrest was directly preceded by a public social media post in which she allegedly issued threats, made derogatory remarks, and repeated defamatory accusations against Mrs Laila Nwoko and the lawmaker.

“This post constituted provocation, intimidation, and criminal defamation under application law.

“It is important to emphasise that this matter is not a social media dispute but a law-enforcement issue grounded in evidence, witness testimonies, and due process.

“Any attempt to mischaracterize the arrest as suppression or victimisation is false and misleading,’’ the team added.

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Oceangate Engineering to appeal court’s ruling on asset forfeiture

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Oceangate Engineering Oil & Gas Limited has announced plans to appeal a recent ruling of the Federal High Court ordering the forfeiture of certain assets.

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The company’s Secretary, Nnenna Onyeaso, disclosed this in a statement on Thursday, maintaining that neither the firm nor its leadership was found guilty of any wrongdoing.

Onyeaso said the company views the ruling as a civil asset forfeiture order based on suspicion rather than proof, she emphasise  that the judgment did not establish any criminal liability against the organisation.

She added that the firm has instructed its legal team to file an appeal, expressing confidence in the judicial process and optimism that a comprehensive review of the case will yield a favourable outcome.

“To be clear, this ruling is a civil asset forfeiture order with no finding of wrongdoing against Oceangate or its leadership.

“The court’s decision rested on a legal standard of suspicion, not proof, and it is one we intend to pursue fully through the appeals process,” she said in a statement.

The firm secretary also said that Oceangate has reiterated its belief in the rule of law, noting that the appellate system exists to address such outcomes.

She added that the company remained confident that the facts of the case will ultimately affirm its integrity and business practices.

Onyeaso said that the firm also emphasised that its operations remained unaffected, stating that it continues to provide employment for many Nigerians while contributing to the country’s energy sector and broader economy.

“We have always believed in the ability of the judicial process, and that belief has not wavered,” she added.

She noted that Oceangate further expressed appreciation to its employees, partners, and clients for their continued support amid the development, assuring stakeholders of its commitment to transparency and accountability.

The Secretary said that the company reaffirmed its confidence in Nigeria as a viable destination for investment, describing the country as a land of equity, growth, and opportunity.

“We remain committed to the continued growth of our business and the communities we serve as we are optimistic that justice will prevail at the end of the legal process.

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PDP Criticises Kwara Governor Over Deadly Bandit Attack

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PDP criticises Kwara Governor AbdulRahman AbdulRazaq over deadly bandit attack in Woro and Nuku, calling response insufficient

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