A Lagos high court has frozen nine bank accounts belonging to Mr. Jimoh Ibrahim, the Chairman of Global Fleet Group, for not obeying court order.


What led to the trouble was Jimoh’s refusal to pay a certain debt he owes a London-based advertising company, World Report International Limited, after judgment was given in favour of the company some years back.

Digging into the genesis of the drama, World Report International, we gathered, entered into an advertising contract with Global Fleet on 7 October, 2005 to publish an advertisement of the company in a special report on Nigeria in a UK newspaper, The Independent and to be circulated in Nigeria . The contract sum was for 60,000 Euros under the contract exhibited before the court. Global Fleet was to pay 50% of the contract sum on 1st of November, 2005 and the remaining 50% upon publication, and 1.8% monthly interest upon failure to make payment on the due date. Payment was made and both parties agreed on the terms. But after the job was done, the advertising company claimed that Global Fleet failed to pay despite several demands and is therefore claiming Euro34,934.34 from the company.

Defending the suit before the court, Jimoh admitted then that a contract existed between him and the advertising company but contended that they were to pay 50% of the contract sum as initial deposit, and upon publication of the advert and delivery of at least 200 copies of the published advert to the company, the remaining 50% will be paid and that failure of the agency to perform its side of the contract meant the purported demand notice was premature. Jimoh, however, denied owing the company the sum of 30,000 euros or any other sum.Read More In Global News

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