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Alleged N69.4bn Debt: Jimoh Ibrahim Seeks Reversal Of Assets Seizure

A file photograph of Mr Jimoh Ibrahim.

 

The Federal High Court sitting in Lagos has mounted Tuesday to listen to an software by businessman, Jimoh Ibrahim, searching for to put aside an interim order which authorised the Asset Management Corporation of Nigeria (AMCON) to take over his properties over an alleged N69.4 billion debt.

Justice Rilwan Aikawa adjourned the case on Monday after listening to arguments from Mr Ibrahim’s counsel and a Senior Advocate of Nigeria (SAN), Niyi Akintola.

The choose had made the seizure order in a ruling on November 4 whereas AMCON introduced on November 18 that it had successfully taken over 12 properties belonging to the businessman and his companies.

The properties embody the NICON Investment Limited constructing (Plot 242, Muhammadu Buhari Way, Central Business District, Abuja), NICON Hotels Limited constructing (Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja), and the constructing of NICON Lekki Limited (No 5, Customs Street, Lagos).

AMCON’s motion is towards Ibrahim, NICON Investment Limited, and Global Fleet Oil and Gas Limited.

Displeased with the seizure of his property, Ibrahim and his companies, by Akintola, approached the courtroom with a movement on discover, searching for to discharge the interim seizure order.

They contended that the courtroom made the seizure order in error as a result of AMCON allegedly hid materials details in its ex-parte software resulting in the seizure order.

The candidates urged the courtroom to put aside the order for “non-disclosure and misrepresentation of material facts.”

They additionally prayed the courtroom to order AMCON to pay them N50 billion indemnity for his or her alleged “failure to conduct due diligence before obtaining the said order sought to be set aside and for misrepresentation and concealment of fact.”

Ibrahim and others described the transfer by AMCON resulting in the seizure order as an abuse of courtroom processes.

But AMCON, by its lawyer and SAN, Kemi Pinheiro, vehemently opposed the defendants’ movement on discover and prayed the courtroom to dismiss identical.

A lawyer in AMCON’s authorized division, Imelda Raheem, stated, “The plaintiff, at the time of obtaining the orders on the 4th day of November, 2020, made full and substantial disclosure of all material facts in relation to the subject matter of this suit.”

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