BREAKING: Jimoh Ibrahim Loses Appeal Against AMCON over N69.4bn Debt, Agency to Recover Seized Assets

BREAKING: Jimoh Ibrahim Loses Appeal Against AMCON over N69.4bn Debt, Agency to Recover Seized Assets

  • Appeal Court has declined to vacate an interim order through which the AMCON seized properties belonging to Jimoh Ibrahim for an alleged N69.4billion debt
  • Earlier, Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts
  • The court has upheld arguments of AMCON's lead counsel, who prayed the court to dismiss Ibrahim's application

Lagos state- The Court of Appeal, Lagos Division has dismissed an appeal by the Chairman of Global Fleet Group, Jimoh Ibrahim, challenging the Asset Management Corporation of Nigeria's (AMCON) seizure of his 12 assets and freezing of all his accounts over his alleged N69.4 billion debt.

The appellate court upheld the November 18, 2020 order of Justice Rilwan Aikawa of the Federal High Court, Lagos which authorised AMCON to take over Mr Ibrahim's assets.

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According to Sahara Reporters, the justices upheld the arguments of AMCON's lead counsel, Dr Kemi Pinheiro (SAN), who prayed the court to dismiss Ibrahim's application.

BREAKING: Jimoh Ibrahim Loses Appeal Against AMCON over N69.4bn Debt, Agency to Recover Seized Assets
The asset recovery firm is set to take over Jimoh Ibrahim's 12 assets. Photo credit: KC Nwakalor/Bloomberg
Source: UGC

Chief Niyi Akintola (SAN), is the counsel for the 1st defendant, Jimoh Ibrahim, while Chief Bolaji Ayorinde (SAN) is for the 2nd Defendant, Global Fleet Group.

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AMCON, following Justice Aikawa's order, took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners.

In addition to the takeover of the properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies, including Global Fleet Oil & Gas Limited and NICON Investment Limited all of whom are defendants in the suit No. FHL/L/CL/776/2016.

Name and shame: AMCON says it will publish list of Nigerians who are notorious debtors in January

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Meanwhile, Legit.ng had earlier reported that Nigeria's Asset Management Corporation said it has taken the drastic step of naming and shaming individuals, corporate organisations, institutions and directors on its non-performing loans list.

Senate committee chairman on banking, insurance and other financial institutions, Senator Uba Sani, had told AMCON last week to publish the names of all debtors including Nigerians in high places frustrating the effort of the assets recovery organisation.

AMCON gave the defaulters 30 days starting December 6, 2021, to January 5, 2022, to come up with a repayment plan or risk the embarrassment of seeing their names published in the media.

Source: Legit.ng

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