[BREAKING] .4bn Debt: Appeal Court thrashes Jimoh Ibrahim’s asset recovery suit

The Court of Appeal, Lagos division has thrashed an appeal instituted by the Chairman of Global Fleet Group, Jimoh Ibrahim.

The businessman is questioning the seizure of 12 of his assets by the Asset Management Corporation of Nigeria (AMCON) and the freezing of all his accounts over an alleged N69.4 billion debts.

The Court of Appeal upheld the arguments of AMCON’s lead counsel, Dr Kemi Pinheiro, SAN, who had urged the court to throw out 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.

It would be recalled that 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, Ikoyi, Lagos, which was issued on November 18, 2020.

The affected 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 are 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.

Aside from taking over the properties, the lower court had equally 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. FHC/L/CL/776/2016.