Jimoh Ibrahim wins bid to recover seized assets

The Federal High Court, Abuja, on Monday, set aside the interim order through which the Asset Management Corporation of Nigeria (AMCON) seized property belonging to a businessman, Jimoh Ibrahim, for an alleged N69.4 billion debt.

The AMCON announced last year that it had taken over 12 properties belonging to Mr Jimoh Ibrahim and his firms.

However, Justice Okon Abang, in a ruling today, also vacated all consequential orders earlier made by the court on Jan. 4 but differently constituted by Justice Rilwan Aikawa of a Federal High Court, Lagos.

A Federal High Court, Lagos, had on, Feb. 17, declined to vacate the interim order through which AMCON seized the property.

Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, had prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts.”

They further prayed the court to order AMCON to pay N50 billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.

But Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s counsel, Kemi Pinheiro, SAN, which insisted that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on Nov. 4, 2020.