N69.4bn debt: Jimoh Ibrahim loses bid to vacate order on seized assets

A Federal High Court in Lagos has declined to vacate an interim order through which the Asset Management Corporation of Nigeria (AMCON) seized the properties of businessman Jimoh Ibrahim over an alleged N69.4billion debt. 

Mr Ibrahim who is a lawyer, was in court, fully robed on Tuesday.  He, as well as NICON Investment Ltd and Global Fleet Oil and Gas Ltd, which he owns had asked the court to set aside the order for “non-disclosure and misrepresentation of material facts”.

They 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 Rilwan Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s lawyer, Kemi Pinheiro (SAN) 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.

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

The properties included 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.

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