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

'Dotun Akintomide
Writer

Ad

2027: Reaction as Kachikwu Says Jonathan Has Offered Obi Key Role to Quit Presidential Race

By Abiola Olawale Dumebi Kachikwu, the 2023 presidential candidate of the African Democratic Congress (ADC), has claimed that former President Goodluck Jonathan is allegedly attempting to sway Peter Obi, the Labour Party’s 2023 presidential candidate, to abandon his 2027 presidential ambition. According to Kachikwu, Jonathan has allegedly dangled the position of Coordinating Minister of the…

Tears as Ex-minister, Audu Ogbeh, Dies at 78

By Abiola Olawale A former Minister of Agriculture and Rural Development, Chief Audu Ogbeh, is dead. Ogbeh, who was also a former National Chairman of the Peoples Democratic Party (PDP), was said to have passed away peacefully on Saturday, August 9, 2025, at the age of 78. This was contained in a statement released on…

How Obasanjo Got Angry at Me Over Diesel Deregulation – Otedola Opens Up

By Abiola Olawale Nigerian billionaire businessman, Mr Femi Otedola has shared a dramatic encounter with former President Olusegun Obasanjo over the 2004 diesel deregulation policy. This was detailed in his upcoming memoir, Making It Big: Lessons from a Life in Business, set for release on August 18, 2025, by FO Books. Otedola, then chairman of…

Ad

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)

Ad

X whatsapp