N69.4bn Debt: Jimoh Ibrahim Loses Bid to Recover Billions And Assets Seized By AMCON

Posted by Thandiubani on Fri 10th Dec, 2021 - tori.ng

Prior to the recent ruling, Justice Rilwan Aikawa of the Federal High Court, Lagos had issued an order authorizing AMCON to take over Ibrahim’s assets over an alleged N69.4billion debt.

Jimoh Ibrahim

A desperate bid by the Chairman of Global Fleet Group, Jimoh Ibrahim to recover assets and money seized by the Asset Management Corporation of Nigeria (AMCON) has failed.

This comes after he lost an appeal challenging seizure of his 12 assets and freezing of all his accounts.

Prior to the recent ruling, Justice Rilwan Aikawa of the Federal High Court, Lagos had issued an order authorizing AMCON to take over Ibrahim’s assets over an alleged N69.4billion debts.

Some of the assets seized by AMCON include 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 Express Way, Apapa Road, 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’s Building, Garki I, FCT, Abuja.

The court had 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 are defendants in the suit No. FHL/L/CL/776/2016.

The Court of Appeal in Lagos on Friday December 10, dismissed two appeals by the Chairman of Global Fleet Group, Jimoh Ibrahim and firms linked to him challenging the Asset Management Corporation of Nigeria (AMCON)’s seizure of his assets and freezing of all his accounts over his alleged N69.4billion debt.