N69.4b ‘debt’: Jimoh Ibrahim Loses Bid to Recover Assets, Accounts

The Court of Appeal in Lagos on Friday dismissed two appeals by the Chairman of Global Fleet Group, Jimoh Ibrahim and firms linked to him challenging the Asset Management Corporation of Nigeria (AMCON)’s seizure of his assets and freezing of all his accounts over his alleged N69.4billion debt.

The appellate court upheld the November 4, 2020 order of Justice Rilwan Aikawa of the Federal High Court authorising AMCON to take over Ibrahim’s assets.

The justices upheld the arguments of AMCON’s lead counsel, Dr Kemi Pinheiro (SAN), who prayed the court to dismiss Ibrahim’s application because it was incompetent.

Chief Niyi Akintola (SAN), is Ibrahim’s counsel, while Chief Bolaji Ayorinde (SAN) is for the second defendant, Global Fleet Group.

AMCON, following Justice Aikawa’s order, took possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners.

The assets include the building of NICON Investment Limited at 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.

Other properties are the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another Property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.

In addition to the take over of the properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited all of whom are defendants in the suit No. FHL/L/CL/776/2016.