Controversy trailed the ruling on Friday by the Court of Appeal, Lagos Division in the case between the Assets Management Corporation of Nigeria (AMCON) and businessman and owner of NICON Group, Jimoh Ibrahim.
While the AMCON claimed in a statement by its spokesman, Jude Nwauzor that the court dismissed an appeal by Ibrahim challenging the corporation’s seizure of his 12 assets, Ibrahim on the other hand claimed he was granted time to file his appeal within 14 days by the appeal court.
In a statement by Nwauzor, AMCON claimed that; “In a unanimous decision today December 10, 2021, the Court of Appeal upheld the preliminary objection of AMCON and accordingly dismissed both appeals.
He said the development may have taken another turn today because the Justices upheld the arguments of AMCON’s lead counsel, Kemi Pinheiro, who prayed the court to dismiss Ibrahim’s application.
Niyi Akintola, is the counsel to the 1st defendant Jimoh Ibrahim while Bolaji Ayorinde is for 2nd Defendant, Global Fleet Group.
“The implication of this is that AMCON remains in possession of the properties attached by the order of Hon. Justice R.M. Aikawa on November 4, 2021,” AMCON stated.
Nwauzor described the ruling as ‘another victory for AMCON and the needed good news’ to the recovery drive of the government recovery agency.
However, Ibrahim in a statement on Friday said he brought before the court an application for extension of time to file his appeal.
“The appellate court, therefore, granted his prayer, giving him 14 days within which he must file his appeal.
In his reaction to the ruling, Jimoh Ibrahim expressed happiness over the court’s ruling, assuring that the court ruling would be complied with promptly as he would file the appeal on Monday.
Ibrahim alleged that the social media was wrongly communicated on the court’s decision by AMCON. He, therefore, commended the court for granting him the extension.
It would be recalled that the matter between 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 claimed that Ibrahim and his companies owed the corporation around N70 billion, to which it has enlisted the court to recover the money from the businessman.
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