Alleged N69.4bn Debt: Court Throws Out Order Against Jimoh Ibrahim’s Assets

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The Federal High Court, Abuja, on Monday, set aside the interim order through which the Asset Management Corporation of Nigeria (AMCON) seized property belonging to a businessman, Jimoh Ibrahim, for an alleged N69.4 billion debt.

Justice Okon Abang, in a ruling, also vacated all consequential orders earlier made by the court on Jan. 4 but differently constituted by Justice Rilwan Aikawa of a Federal High Court, Lagos.

The News Agency of Nigeria (NAN) reports that a Federal High Court, Lagos, had on, Feb. 17, declined to vacate an interim order through which AMCON seized property belonging to Ibrahim.

Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, had 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 Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s counsel, Kemi Pinheiro, SAN, which insisted that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on Nov. 4, 2020.

 (NAN)

'Dotun Akintomide
'Dotun Akintomide
'Dotun Akintomide's journalism works intersect business, environment, politics and developmental issues. Among a number of local and international publications, his work has appeared in the New York Times. He's a winner of the National Youth Service Corps (NYSC) Award. Currently, the Online Editor at The New Diplomat, Akintomide has produced reports that uniquely spoke to Nigeria's experience on Climate Change issues. When Akintomide is not writing, volunteering or working on a media project, you can find him seeing beautiful sites like the sandy beaches that bedecked the Lagos coastline.

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