Jimoh Ibrahim has lost bid to vacate a Federal High Court order on seized assets over N69.4bn debt.
The Court in Lagos declined to vacate an interim order through which the Asset Management Corporation of Nigeria, AMCON, seized his properties.
Ibrahim, 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”.
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 in his two’hour ruling, Justice Rilwan Aikawa, 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.
Also, the judge refused Ibrahim’s prayers and ruled that the order subsists.
Recall that AMCON announced that it had taken over 12 properties, including 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, among others.
