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 Court Vacates Order Against Jimoh Ibrahim's Seized Assets Over Alleged 69.4bn Debt

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

 

Our correspondent Nathan Williams reports that Jimoh Ibrahim while speaking on the outcome of the judgement recalled that the Federal High Court, Lagos, had on, Feb. 17, declined to vacate an interim order through which AMCON seized property belonging.

 

Jimoh 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 and that the court should 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 November 4, 2020. Ibrahim however commended the justice system noting that justice has been served.

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