A Federal High Court in Lagos has refused to vacate an interim order granted to the Asset Management Corporation of Nigeria (AMCON) to seize property belonging to a businessman Jimoh Ibrahim for alleged N69.4billion debt.
Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd had, in a motion on notice, prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts.”
They further prayed 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 ruling that took hi close two-hours to read, 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 refused Ibrahim’s prayers and ruled that the order subsisted.
Ibrahim, a lawyer, was in court, fully robed.
Justice Aikawa made the interim order on November 4, and on November 18.
AMCON announced that it had effectively taken over 12 property belonging to the businessman and his firms.
The property 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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