TO recover the N69.4 billion debts owed it by businessman Jimoh
Ibrahim, the Asset Management Corporation of Nigeria (AMCON) has
filed a Notice of Appeal at the Court of Appeal, Abuja Judicial
Division following Justice Okon Abang’s ruling of Tuesday, February
22, which was unsatisfactory to the appellants.
![image](/2020/10/lawreport.jpg")
AMCON had in November 2020 following a court order seized the
properties of Ibrahim over an alleged debt of N69.4 billion, which
was sold to AMCON by Union Bank as a non-performing loan in the
early days of AMCON.
![image](/2021/01/payne-alex.jpg")
The affected businesses of the embattled businessman include
NICON Investment Limited and Global Fleet Oil and Gas Limited.
Justice Abang presided over the case involving AMCON; NICON
Investment Limited (in Receivership); Global Fleet Oil & Gas
Limited (in Receivership); Taiwo Lakanu (appointed Receiver of
NICON Investment Limited & Global Fleet Oil & Gas Limited and Jimoh
Ibrahim; NICON Insurance Limited; Nigeria Re-Insurance Hotels
Limited; Abuja International Hotels Limited and NICON Hotels
Limited.
The appeal was filed on the grounds that the trial court erred
in law when the trial Judge (Justice Abang) neglected, ignored,
failed, and or refused to consider the ruling of Honourable Justice
Aikawa, which was delivered on November 4, 2020 in Suit No.
FHC/L/CS/776/2016.
The Federal High Court per Justice Aikawa reopened the
proceeding in Suit No. FHC/L/CS/776/2016, which was earlier stayed
by Honourable Justice Oguntoyibo as far back as October 2,
2019.
It would be recalled that after the possessory order by
Honourable Justice Aikawa on November 4, 2020, the appellants had
approached the Federal High Court in the suit leading to the appeal
to request for an order to protect the 1st appellant’s
Receiver/Manager ((ie, 4th Appellant) while receiving and managing
the assets granted to the 1st plaintiff further to the possessory
order of Honourable Justice Aikawa.
On the account of that, AMCON believes that the failure of
Honourable Justice Abang to consider that possessory order of
Honourable Justice Aikawa granted on November 4, 2020 in
FHCL/CS/776/2016 while delivering the ruling on February 22, 2021
led to manifest injustice.
Secondly, the appeal states that “The Honourable trial court
erred in law when the trial Judge set aside and vacated the
ex-parte order of the vacation Judge, Honourable Justice Maha, on
the ground that the order of stay of proceedings granted by
Honourable Justice Oguntoyinbo in Suit No. FHC/L/CS/776/2016 was
not disclosed to the vacation Judge.”
The matter between Barrister Jimoh Ibrahim and AMCON has been
interminable since the loan was purchased by the government debt
recovery agency during the first phase of Eligible Bank Assets
(EBA) purchases from Union Bank in the early days of AMCON.
AMCON said it was not deterred to recover the N69.4 billion owed
it by Barrister Ibrahim and his companies in the interest of the
Nigerian economy and the public in general.
TO recover the N69.4 billion debts owed it by businessman Jimoh
Ibrahim, the Asset Management Corporation of Nigeria (AMCON) has
filed a Notice of Appeal at the Court of Appeal, Abuja Judicial
Division following Justice Okon Abang’s ruling of Tuesday, February
22, which was unsatisfactory to the appellants.
AMCON had in November 2020 following a court order seized the
properties of Ibrahim over an alleged debt of N69.4 billion, which
was sold to AMCON by Union Bank as a non-performing loan in the
early days of AMCON.
The affected businesses of the embattled businessman include
NICON Investment Limited and Global Fleet Oil and Gas Limited.
Justice Abang presided over the case involving AMCON; NICON
Investment Limited (in Receivership); Global Fleet Oil & Gas
Limited (in Receivership); Taiwo Lakanu (appointed Receiver of
NICON Investment Limited & Global Fleet Oil & Gas Limited and Jimoh
Ibrahim; NICON Insurance Limited; Nigeria Re-Insurance Hotels
Limited; Abuja International Hotels Limited and NICON Hotels
Limited.
The appeal was filed on the grounds that the trial court erred
in law when the trial Judge (Justice Abang) neglected, ignored,
failed, and or refused to consider the ruling of Honourable Justice
Aikawa, which was delivered on November 4, 2020 in Suit No.
FHC/L/CS/776/2016.
The Federal High Court per Justice Aikawa reopened the
proceeding in Suit No. FHC/L/CS/776/2016, which was earlier stayed
by Honourable Justice Oguntoyibo as far back as October 2,
2019.
It would be recalled that after the possessory order by
Honourable Justice Aikawa on November 4, 2020, the appellants had
approached the Federal High Court in the suit leading to the appeal
to request for an order to protect the 1st appellant’s
Receiver/Manager ((ie, 4th Appellant) while receiving and managing
the assets granted to the 1st plaintiff further to the possessory
order of Honourable Justice Aikawa.
On the account of that, AMCON believes that the failure of
Honourable Justice Abang to consider that possessory order of
Honourable Justice Aikawa granted on November 4, 2020 in
FHCL/CS/776/2016 while delivering the ruling on February 22, 2021
led to manifest injustice.
Secondly, the appeal states that “The Honourable trial court
erred in law when the trial Judge set aside and vacated the
ex-parte order of the vacation Judge, Honourable Justice Maha, on
the ground that the order of stay of proceedings granted by
Honourable Justice Oguntoyinbo in Suit No. FHC/L/CS/776/2016 was
not disclosed to the vacation Judge.”
The matter between Barrister Jimoh Ibrahim and AMCON has been
interminable since the loan was purchased by the government debt
recovery agency during the first phase of Eligible Bank Assets
(EBA) purchases from Union Bank in the early days of AMCON.
AMCON said it was not deterred to recover the N69.4 billion owed
it by Barrister Ibrahim and his companies in the interest of the
Nigerian economy and the public in general.