N69.4b debt: Jimoh Ibrahim knows fate on seized assets January 12

December 2, 2020

1.8 min readCategories: News

A federal High Court in Lagos on Tuesday fixed January 12, 2021 for ruling on an application by businessman Jimoh Ibrahim seeking to lift an interim order through which the Asset Management Corporation of Nigeria (AMCON) seized his properties for an alleged N69.4 billion debt.

Justice Rilwan Aikawa fixed the date following arguments from AMCON’s lawyer Kemi Pinheiro (SAN) and counsel to Ibrahim, NICON Investment Limited and Global Fleet Oil and Gas Limited, Adenrele Adegborioye.

In their Motion on Notice, Ibrahim and the firms contended that the court granted the seizure order in error because AMCON allegedly concealed material facts in its ex parte application leading to the seizure order.

They urged the court to set aside the order for “non-disclosure and misrepresentation of material facts” and further prayed the court to order AMCON to pay them N50 billion indemnity for their alleged “failure to conduct due diligence before obtaining the said order sought to be set aside and for misrepresentation and concealment of fact”.

They described the move by AMCON leading to the seizure order as an abuse of court processes.

But Pinheiro opposed the defendants’ Motion on Notice and prayed the court to dismiss same.

The lawyer contended that his counter affidavit filed in opposition to the motion revealed “copious reasons” why the order should not be set aside.

He argued further that the various exhibits attached to the counter-affidavit established that the properties attached belongs to the defendant: “Therefore, he cannot claim innocence of them.”

Pinheiro averred that AMCON, at the time of obtaining the orders on November 4, 2020, “made full and substantial disclosure of all material facts in relation to the subject matter of this suit”.

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

The properties included the NICON Investment Limited’s building at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited’s building at Plot 557, Port Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited, also at 5, Customs Street, Lagos.

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