The Federal High Court in Abeokuta, Ogun State, says it will give a speedy hearing to a suit challenging the sale and transfer of assets ofThe suit was filed by Okhueleigbe Aikpehae of Abraham, Thompsons & Co chambers on behalf of Atlantic Coast Regional Fund .
ACRF had sued the banks over the sale and transfer of assets of NGC PLC while the substantive suit in their dispute was still pending in court. The applicant said its assets were transferred to Syngen Pharmaceuticals Ltd, Uhuru Capital Ltd, Capital Alliance Nigeria Ltd, and Brand Ocean Ltd in contempt of court.
After the counsel to the applicant, Okhueleigbe Aikpehae, served the respondents his responses shortly before the sitting commenced, their lawyers sought for time to study the responses.In the affidavit in support of originating summons, ACRF said sometime in 2014, NGC Plc requested for funding to meet its working capital requirements and extinguish certain existing liabilities.