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Jimoh Ibrahim Bid To Stop AMCON Seizure Of Properties Suffers Setback


Businessman Jimoh Ibrahim bid to stop the Asset Management Corporation of Nigeria (AMCON) seizure of his properties suffers a setback as a Federal High Court sitting in Lagos has declined to vacate an interim order.

Asset Management Corporation of Nigeria (AMCON) had seized  Ibrahim’s properties over alleged N69.4billion indebtedness.

The properties included the NICON Investment Ltd building Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Ltd building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Ltd also at No. 5, Customs Street, Lagos.

Ibrahim’s NICON Investment Ltd and Global Fleet Oil and Gas Ltd, had in a motion on notice, prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts”.

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They further prayed the court to order AMCON to pay N50billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.

But Justice Rilwan Aikawa, in 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 time of obtaining the orders on November 4, 2020. The judge refused Ibrahim’s prayers and ruled that the order subsists.



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