Imagine Global: Court threatens bank executives in case against Ajetunmobi couple

Bamise Ajetunmobi and Elizabeth Ajetunmobi of Imagine Global

A Lagos State High Court sitting in Ikoyi has threatened to jail bank executives who fail to disclose the amount to the credit of Imagine Global Holding Company Ltd, Imagine Global Solutions Ltd, and the Nigerian couple, Bamise and Elizabeth Ajetunmobi.

The couple and the firms have been accused of N11.795bn investment fraud.

The applicants, who are Nigerian investors in the company, said the sum of N11.795bn is the outstanding investments and return on investments accruing to them from the defendants.

Justice Toyin Oyekan-Abdullahi, during hearing on Wednesday, noted that some banks are yet to comply with the court’s October 20, 2021 order granted in favour of the investors for banks to stop releasing funds up to N11,795bn to the two firms and the couple who have reportedly fled to Antigua and Barbuda.

The court had also ordered the banks to, among other things, file and serve on the applicants counsel within seven days, an affidavit disclosing the balance in the defendants’ accounts.

Justice Oyekan-Abdullahi warned that besides sanctioning any defaulting bank executive, any lawyer that acts contrary to the order of court also risk being sanctioned, because “the court will not allow the citizens of this country to keep weeping because of the absconding investors.”

The court was told that one of those affected by the conduct of the Ajetunmobi couple and their companies was Wema Bank which allegedly gave a loan to Imagine Global in September, 2021, after accepting the defendants’ properties as collateral.

The bank, as an interested party, subsequently filed an application seeking a discharge of the court order.

The applicants through their lawyers, however, opposed the application on the ground that Wema Bank is equally a victim by virtue of the personal guarantees the defendants executed in favour of the applicants as far back as January 2020.

The applicants alleged that N17billion had passed through Imagine Global’s account with Wema Bank between May 2020 and May 2021 and the bank is yet to place before the court, the detailed statement of account of the company.

Meanwhile, the 17 applicants have resisted a move by a firm, Mainstreet Capital Ltd, seeking to be joined as co-claimant in the suit.

The case was adjourned till November 11 for the banks to show cause in compliance with the order of court.