Jimoh Ibrahim Loses Bid To Reclaim Multimillion Naira Properties Seized By AMCON

February 16, 2021
10 Views
Jimoh Ibrahim

Jimoh Ibrahim

Attempts by Nigerian businessman, Jimoh Ibrahim to recover properties worth millions of naira seized by the Asset Management Corporation of Nigeria has failed.

This comes after the Federal High Court in Lagos, on Tuesday, declined an application by a businessman to reclaime the assets. His properties were seized over an alleged indebtedness of N69.4bn.

AMCON had on November 4, 2020, obtained an interim order to seize about 12 properties from Ibrahim and his firms, Nicon Investment Limited and Global Fleet Oil and Gas Limited, in a bid to recover an alleged N69.4bn debt.

But Ibrahim and the firms have gone back to court with an application seeking to set aside the seizure order and recover the properties.

Ibrahim and his firms contended that the court made 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”.

Ruling on the application on Tuesday, Justice Rilwan Aikawa upheld AMCON’s argument that it made full and substantial disclosure of all material facts at the time of obtaining the orders on November 4, 2020.

He said, “I have carefully studied the respective applications and arguments for or against of parties. I agree totally with the counsel for the claimant Kemi Pinheiro (SAN) that this suit is sui generis as Section 49(1)(2) of the AMCON Act says that the order made on the 4th of November, 2020, can be made ex-parte on mere suspicion that the rest is about to be dissipated.

“In my opinion, we have a unique situation here. The application that led to the ex-parte order made on the 4th of November 2020 was brought pursuant to the provisions of AMCON Act which defines this as a Federal High Court.

“I do not think that based on the above reasons, that this application has made a case out for the order of this court to be vacated. The appropriate order to be made in this circumstance is to dismiss same and, accordingly, this application is hereby dismissed.”

Justice Aikawa adjourned till March 9 for further proceedings.

You may be interested

News
1 views

Buhari celebrates ‘reliable, dedicated’ Vice, Osinbajo at 64

admin - March 8, 2021

By Bolaji Ogundele, Abuja President Muhammadu Buhari has described Vice President Yemi Osinbajo as “a reliable and dedicated deputy, who…

News
1 views

State House safe, says Presidency

admin - March 8, 2021

By Bolaji Ogundele, Abuja   The Presidency has allayed fears about a fire an online media said occurred at the…

Presidency reacts to reports of fire outbreak in Aso Rock Villa
News
1 views
News
1 views

Presidency reacts to reports of fire outbreak in Aso Rock Villa

admin - March 8, 2021

The Lagos State Government, on Saturday and Sunday, shut down 11 facilities which include event centres, lounges and night clubs…

Leave a Comment

Your email address will not be published.