N69.4bn debt: Court rules on Jimoh Ibrahim’s motion against property seizure

Justice Rilwan Aikawa of a Federal High Court in Lagos will on January 12, 2021 rule on a motion by a businessman, Jimoh Ibrahim, seeking the reversal of an interim court order which authorised the Asset Management Corporation of Nigeria (AMCON) to take over his property over alleged N69.4 billion debt.
The judge fixed the date after entertaining arguments from AMCON’s lawyer, Kemi Pinheiro (SAN), as well as the lawyer representing NICON Investment Limited and Global Fleet Oil and Gas Limited, Adenrele Adegborioye.
Arguing his counter-affidavit, Pinheiro urged Justice Aikawa to dismiss Ibrahim’s motion saying at the time of obtaining the seizure order on November 4, 2020, AMCON made full and substantial disclosure of all material facts in relation to the subject matter of the suit.
The silk added that the various exhibits attached to the counter-affidavit established that the property attached actually belonged to Ibrahim.
However, Ibrahim and his companies contended that the court made the seizure order in error because AMCON  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 also prayed the court to order AMCON to pay them N50 billion 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.


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