BY LINUS CHIBUIKE
A Federal High Court in Lagos has dismissed a request to vacate an interim order through which the Asset Management Corporation of Nigeria seized properties belonging to the Chairman of Global Fleet Group, Jimoh Ibrahim, over an alleged N69.4billion debt.
The businessman had prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts”, along with his companies – NICON Investment Limited and Global Fleet Oil and Gas Limited.
They also demanded N50billion indemnity from AMCON for allegedly failing to do due diligence before obtaining the order and for misrepresenting and concealing the facts.
But AMCON’s lawyer, Kemi Pinheiro (SAN), insisted that the Corporation made “full and substantial disclosure of all material facts”, when the orders were obtained on November 4, 2020.
Justice Rilwan Aikawa upheld this argument, and refused the prayers of Ibrahim, a lawyer, and his companies.
The judge made the seizure order on November 4, and on November 18, AMCON announced that it effectively took over 12 properties belonging to the businessman and his firms.
The assets include 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.
