N69.4b debt: Jimoh Ibrahim loses bid to vacate order seizing his assets

Tuesday, February 16, 2021 5:24 pm

Jimoh Ibrahim

By Akin Kuponiyi

A Federal High Court sitting in Lagos south west Nigeria today, 16 February, 2021, refused to vacate an interim order by which the Asset Management Corporation of Nigeria (AMCON) seized properties belonging to a Lagos businessman, Jimoh Ibrahim, for allegedly owing N69.4billion.

Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, approached the court seeking an order to set aside the order obtained based on “non-disclosure and misrepresentation of material facts”.

They further urged the court to order AMCON to pay N50billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of facts.

HoweverJustice Rilwan Aikawa, in a ruling, delivered today,upheld the submission of AMCON’s lawyer,that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020.Consequently the order subsists.

Justice Aikawa made the interim order on November 4, and on November 18, AMCON announced that it had effectively taken over 12 properties belonging to the businessman and his companies.

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.