Court Upholds Order Seizing Jimoh Ibrahim’s Assets For N69.4 Billion Debt

Court Upholds Order Seizing Jimoh Ibrahim’s Assets For N69.4 Billion Debt

By Wires Editor | The Trent on February 16, 2021
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Kolapo Olusola, Kayode Fayemi, Asuquo Amba, Caleb Ikechukwu, kogi, offa COURT bail

A Federal High Court sitting in Lagos has upheld an interim order granted to the Asset Management Corporation of Nigeria, AMCON, for the seizure of properties belonging to the businessman, Jimoh Ibrahim, for an alleged N69.4billion debt.

In a ruling which lasted nearly two hours on Tuesday, February 16, 2021, Justice Rilwan Aikawa, upheld the argument of AMCON’s lawyer, Kemi Pinheiro that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020.

The judge ruled that the order subsists.

The businessman, Mr. Ibrahim, who is also a legal practitioner was in court and fully robed for the proceedings.

Alongside NICON Investment Ltd and Global Fleet Oil and Gas Ltd, Mr. Ibrahim had asked the court to set aside the order for “non-disclosure and misrepresentation of material facts”.

He also asked the court to order AMCON to pay N50 billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.

But Justice Aikawa ruled against him.

On November 4, the court had granted the interim order and on November 18, AMCON announced that it had effectively taken over 12 properties belonging to the businessman and his firms.

The properties include the NICON Investment Ltd building, Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Ltd building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Ltd also at No. 5, Customs Street, Lagos.

Source: ChannelsTV

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