Jimoh Ibrahim loses bid to vacate order on seized assets over alleged N69.4 billion debt




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A Federal High Lagos has declined vacate an interim order which Asset Management Corporation of Nigeria (AMCON) seized belonging a businessman Jimoh Ibrahim for an alleged N69.4 debt.

Ibrahim, NICON Investment Ltd and Global Fleet and Gas Ltd, had a motion notice, prayed set aside order for “non-disclosure and misrepresentation of material facts”.

They further prayed to order AMCON to pay N50 indemnity for alleged failure to conduct due diligence before obtaining said order and for misrepresentation and concealment of fact.

But Justice Rilwan Aikawa, a nearly two-hour ruling, upheld the argument of AMCON’s lawyer, Kemi Pinheiro (SAN) that AMCON made “full and substantial disclosure of all material facts” at the of obtaining the orders November 4, 2020.

The judge refused Ibrahim’s prayers and ruled that the order subsists.


Ibrahim, a lawyer, was in court, fully robed.

The Nation reports that Justice Aikawa made the interim order November 4, and November 18, AMCON announced that had effectively taken over 12 belonging to the businessman and his firms.

The included the NICON Investment Ltd building Plot 242, Muhammadu Buhari Way, Central District, Abuja; NICON Hotels Ltd building at Plot 557, Crescent, Gimbiya Street, Abuja and the building of NICON Lekki Ltd also at . 5, Customs Street, Lagos.

Details shortly….

The Nation