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Court dismisses Jimoh Ibrahim’s bid to reclaim assets seized by AMCON



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.

READ ALSO: Jimoh Ibrahim moves to halt asset seizure by AMCON over N69.4bn debt

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.”

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