A Federal High Court in Lagos will on Tuesday resume hearing an
application by businessman Jimoh Ibrahim seeking to lift an interim
order that authorised the Asset Management Corporation of Nigeria
(AMCON) to take over his properties over an alleged N69.4billion
debt.
![image](/2020/11/Lawpavilion00.png")
Justice Rilwan Aikawa fixed the date after taking arguments from
Ibrahim’s counsel Chief Niyi Akintola (SAN) on Monday.
![image](/2020/10/NWLRland.jpg")
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 properties 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.
AMCON’s action is against Ibrahim, NICON Investment Limited and
Global Fleet Oil and Gas Limited.
Displeased with the assets seizure, Ibrahim and his firms,
through Akintola, approached the court with a Motion on Notice,
seeking to discharge the interim seizure order.
They contended that the court made the seizure order in error
because AMCON allegedly 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.”
The applicants further prayed the court to order AMCON to pay
them N50billion 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.
But AMCON, through its lawyer, Mr Kemi Pinheiro (SAN),
vehemently opposed the defendants’ Motion on Notice and prayed the
court to dismiss same.
A lawyer in AMCON’s legal department, Imelda Raheem, said, “The
plaintiff, at the time of obtaining the orders on the 4th day of
November, 2020, made full and substantial disclosure of all
material facts in relation to the subject matter of this suit.”
Justice Aikawa adjourned further hearing in the matter till
Tuesday.
A Federal High Court in Lagos will on Tuesday resume hearing an
application by businessman Jimoh Ibrahim seeking to lift an interim
order that authorised the Asset Management Corporation of Nigeria
(AMCON) to take over his properties over an alleged N69.4billion
debt.
Justice Rilwan Aikawa fixed the date after taking arguments from
Ibrahim’s counsel Chief Niyi Akintola (SAN) on Monday.
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 properties 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.
AMCON’s action is against Ibrahim, NICON Investment Limited and
Global Fleet Oil and Gas Limited.
Displeased with the assets seizure, Ibrahim and his firms,
through Akintola, approached the court with a Motion on Notice,
seeking to discharge the interim seizure order.
They contended that the court made the seizure order in error
because AMCON allegedly 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.”
The applicants further prayed the court to order AMCON to pay
them N50billion 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.
But AMCON, through its lawyer, Mr Kemi Pinheiro (SAN),
vehemently opposed the defendants’ Motion on Notice and prayed the
court to dismiss same.
A lawyer in AMCON’s legal department, Imelda Raheem, said, “The
plaintiff, at the time of obtaining the orders on the 4th day of
November, 2020, made full and substantial disclosure of all
material facts in relation to the subject matter of this suit.”
Justice Aikawa adjourned further hearing in the matter till
Tuesday.