A Federal High Court in Lagos has declined to vacate an interim order through which the Asset Management Corporation of Nigeria (AMCON) seized properties belonging to a businessman Jimoh Ibrahim for an alleged N69.4billion debt.
Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, had in a motion on notice, prayed the court to set aside the order for non-disclosure and misrepresentation of material facts.
They also prayed the court to order AMCON to pay N50 billion indemnity for alleged failure to conduct due diligence before obtaining the said order.
But Justice Rilwan Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s lawyer, Kemi Pinheiro (SAN) that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020.
The judge refused Ibrahim’s prayers and ruled that the order subsists.
