Justice Rilwan Aikawa of the Federal High Court, Lagos, on Tuesday, dismissed the billionaire businessman, Jimoh Ibrahim’s bid reclaim his properties seized by the Asset Management Corporation of Nigeria (AMCON) over an alleged N69.4billion indebtedness.
AMCON had in November last year secured an interim order to seize at least 12 properties from Ibrahim and his firms, Nicon Investment Limited and Global Fleet Oil and Gas Limited, in a bid to recover the debt.
The businessman and his companies later approached the court to set aside the earlier order on the seizure of the assets.
In his ruling on the application, Justice Aikawa upheld AMCON’s argument that it made full and substantial disclosure of all material facts when it secured the orders on November 4, 2020.
The judge said: “I have carefully studied the respective applications and arguments for or against 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.”
Join the conversation
Support Ripples Nigeria, hold up solutions journalism
Balanced, fearless journalism driven by data comes at huge financial costs.
If you are motivated and passionate about building a global society, founded on justice, equity, fairness, transparency, accountability and superior knowledge, kindly consider donating to Ripples Nigeria’s solutions journalism.
Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.
INVESTIGATION: Inside UNILAG’s multi-million naira budgetary abuse and academic discord
The University of Lagos located in Nigeria’s commercial capital, Lagos, has been embroiled in controversies with allegations bothering on misappropriation of...
SPECIAL REPORT: Displaced residents of Zamfara battle hunger, as underfunding derails Nigeria’s nutrition goals
On paper, Muhammad Zayyanu is seven years old. The quiet boy who looks shorter for his age could not recollect...
INVESTIGATION: N7.3bn paid for unnamed projects; how Nigerian govt spent N2.2trn in six months
Analysing nearly 3,000 payments made by various Federal Government Ministries, Departments and Agencies (MDAs) over the previous six months (January...
INVESTIGATION… Delay rocks Nigerian govt’s promise of N30,000 covid-19 relief for artisans, others
Before the outbreak of the COVID-19 pandemic in February, 2020, Chukwudi Okoroigwe’s daily earnings as a bus driver was hardly enough to cater to the...
INVESTIGATION… Ten years after, communities count losses as AfDB, Cross River govt abandon road project
Ten years after the Cross River State government and African Development Bank (AFDB) jointly awarded the Yahe-Wanokom-Wanikade-Benue border road for...