Jimoh Ibrahim challenges AMCON’s take over of his properties over N69.4bn debt

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Controversial businessman, Jimoh Ibrahim, has approached the Federal High Court with a Motion on Notice seeking the reversal of an interim court order which authorised the Asset Management Corporation of Nigeria (AMCON) to take over his properties over alleged N69.4bn debt.

The seizure order was made by Justice Rilwan Aikawa on November 4, 2020.

Armed with the court order, AMCON on November 18 announced the take over of 12 prime properties belonging to Ibrahim and his business entities.

The properties included the NICON Investment Limited building Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.

AMCON’s action is against Ibrahim, Nicon Investment Limited and Global Fleet Oil and Gas Limited.

Displeased with the assets seizure order, Ibrahim and his companies, through their lawyer, Chief Niyi Akintola (SAN), approached Justice Aikawa on Monday with a Motion on Notice, seeking to discharge the interim seizure order.

Ibrahim and his companies 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.”

Ibrahim and his firms prayed the court to order AMCON to pay them N50bn indemnity for their alleged “failure to conduct due diligence before obtaining the said order sought to be set aside and for misrepresentation and concealment of fact.”

They described the move by AMCON leading to the seizure order as an abuse of court processes.

But AMCON through its lawyer, Mr Kemi Pinheiro (SAN), vehemently opposed the defendants’ Motion on Notice and prayed the court to dismiss same.

A lawyer in AMCON’s legal department, Imelda Raheem, said, “The plaintiff, at the time of obtaining the orders on the 4th day of November, 2020, made full and substantial disclosure of all material facts in relation to the subject matter of this suit.”

Justice Aikawa adjourned further hearing in the matter till Tuesday.

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