Jimoh Ibrahim loses appeal to recover seized assets over N69.4bn debt

The Court of Appeal, Lagos Division, has dismissed an appeal brought before it by the chairman of Global Fleet Group, Jimoh Ibrahim, who is challenging the seizure of 12 of his assets by the Asset Management Corporation of Nigeria (AMCON) and freezing of all his accounts over alleged N69.4 billion debt.

The Appeal Court upheld the arguments of AMCON’s lead counsel, Kemi Pinheiro, SAN, who prayed the court to dismiss Ibrahim’s application.

Ibrahim, who is the senator-elect for Ondo South Senatorial District, and his company were represented by Niyi Akintola, SAN, and Bolaji Ayorinde, SAN.

AMCON had taken possession of all the 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners – following the order of Justice Rilwan Aikawa of the Federal High Court sitting in Lagos, which was issued on November 18, 2020.

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These 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 that were taken over by AMCON include 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 Expressway, 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 building, Garki 1, Federal Capital Territory (FCT), Abuja.

In addition to the takeover of the properties by AMCON, the court has 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 were defendants in the protracted suit No. FHL/L/CL/776/2016.

The Star