Galaxy Television Menu

Alleged 69.4bn Debt: Court Vacates Order against Jimoh Ibrahim's Seized Assets

The Abuja Division of the Federal High Court on Monday set aside an interim order through which the Asset Management Corporation of Nigeria (AMCON) seized property belonging to businessman, Jimoh Ibrahim, over alleged N69.4 billion debt.

In a ruling, Justice Okon Abang also vacated all consequential orders earlier made by the court on 4 January by Justice Rilwan Aikawa of a Federal High Court, Lagos.

The Federal High Court sitting in Lagos, had on, Feb. 17, declined to vacate an interim order through which AMCON seized property belonging to Mr Ibrahim.

This came despite prayers by Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, to the court in Lagos to set aside the order for “non-disclosure and misrepresentation of material facts.”

They further prayed the court to 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.

In a chat with newsmen, Jimoh Ibrahim expressed pleasure on the outcome of the suit.

Related Articles

The following 6 pages may interest you as well: