October 4, 2024

The Court of Appeal Lagos State Division has dismissed an appeal brought before it by Barrister Jimoh Ibrahim, the chairman of Global Fleet Group 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 his alleged N69.4billion debt.

The judges upheld the arguments of AMCON’s lead counsel Mr Kemi Pinheiro, a Senior Advocate of Nigeria (SAN). Pinheiro had prayed the court to dismiss Ibrahim’s application. Ibrahim who is now a senator-elect the (first defendant) who will be serving in the 10th Senate of the Federal Republic of Nigeria, and his company (second defendant) were also represented by two Senior Adcocates of Nigeria (SANs), Mr Niyi Akintola and Mr Bolaji Ayorinde, respectively.

In response to the order of Justice Rilwan Aikawa of the Federal High Court in Lagos, which was issued on November 18, 2020, AMCON took possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners. 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 lower court has also ordered the freezing of all accounts belonging to Jimoh 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.

Recall that when AMCON first recorded victory at the lower court, Jude Nwauzor, the Head of Corporate Communications Department at AMCON had described the judgement as “another victory for AMCON and its debt recovery drive in the country as a debt recovery agency of the federal government of Nigeria. While hinting at the time that the appeal by the obligor cannot stand at the Court of Appeal, he added that the implication is that AMCON would remain in possession of all the properties attached by the orders of the court.”

According to a statement from the Corporation on the latest ruling of the Court of Appeal, the Corporation added that no matter the class or personality of the obligor, AMCON will not be deterred by the antics of its debtors to recover the huge debt owed it by some high-profile but recalcitrant debtors in the interest of the Nigerian economy and the good people of Nigeria. The statement affirmed that AMCON will continue to go about its mandate as expected of the Corporation guided by the AMCON Act as amended.

164 thoughts on “Senator-elect, Jimoh Ibrahim loses appeal to recover assets seized by AMCON, unfreeze bank accounts over N69.4billion debt owed

  1. We’re a bunch of volunteers and opening a brand new scheme in our community.
    Your website provided us with helpful info to work on. You have
    done a formidable task and our whole group might be grateful to you.

  2. Today, I went to the beach with my kids.
    I found a sea shell and gave it to my 4 year old daughter and said “You can hear the ocean if you put this to your ear.” She put the shell to her ear and
    screamed. There was a hermit crab inside and it pinched her ear.
    She never wants to go back! LoL I know this is totally off topic but
    I had to tell someone!

  3. Hello! I’ve been following your site for a long time
    now and finally got the bravery to go ahead and give you a shout out from New Caney Tx!
    Just wanted to tell you keep up the good work!

  4. Fantastic beat ! I would like to apprentice while you amend
    your website, how can i subscribe for a blog web site?
    The account helped me a acceptable deal. I had been tiny bit acquainted of
    this your broadcast offered bright clear concept

  5. of course like your web-site however you need to test the spelling on several of your posts.
    Several of them are rife with spelling issues and I to find it very troublesome to inform the reality nevertheless I will definitely
    come back again.

  6. Hello, I do believe your website might be having browser compatibility problems.

    Whenever I take a look at your website in Safari, it looks fine however, when opening in I.E., it
    has some overlapping issues. I merely wanted to provide
    you with a quick heads up! Apart from that, excellent website!

  7. Heya i’m for the first time here. I came across this board and
    I find It truly useful & it helped me out a
    lot. I hope to give something back and help others like you helped
    me.

  8. Howdy terrific website! Does running a blog similar to this require a
    massive amount work? I have absolutely no knowledge of computer programming however I was hoping to start my own blog soon. Anyhow, if you have any recommendations
    or tips for new blog owners please share.

    I understand this is off subject nevertheless I
    just wanted to ask. Appreciate it!

  9. Aw, this was an incredibly nice post. Taking a few minutes and actual effort to make
    a really good article… but what can I say… I put things off a lot and
    don’t manage to get anything done.

  10. Thanks a bunch for sharing this with all people you really recognize what you are speaking approximately!
    Bookmarked. Please also consult with my website =). We could have a hyperlink
    trade arrangement among us

  11. I like the valuable info you provide in your articles.
    I’ll bookmark your weblog and check again here frequently.
    I’m quite sure I’ll learn lots of new stuff right here!

    Good luck for the next!

  12. hey there and thank you for your information – I
    have certainly picked up anything new from right here. I did however expertise several technical issues using this site, as I experienced to
    reload the web site lots of times previous to I could get it to load
    correctly. I had been wondering if your web host is OK?

    Not that I am complaining, but slow loading instances times will sometimes affect your placement in google and could damage your high-quality score if
    ads and marketing with Adwords. Well I am adding this RSS to my email and
    could look out for much more of your respective interesting content.
    Make sure you update this again soon.

  13. Hi, I do think this is a great blog. I stumbledupon it ;
    ) I am going to return once again since I book-marked it. Money and freedom is the best
    way to change, may you be rich and continue to help others.

  14. I loved as much as you will receive carried out right here.

    The sketch is attractive, your authored material stylish.
    nonetheless, you command get got an nervousness over that you
    wish be delivering the following. unwell unquestionably come further formerly again as exactly the same
    nearly a lot often inside case you shield this hike.

  15. Hi! I know this is somewhat off topic but I
    was wondering if you knew where I could find a captcha
    plugin for my comment form? I’m using the same blog platform as yours and I’m having difficulty
    finding one? Thanks a lot!

  16. Attractive portion of content. I simply stumbled upon your weblog and
    in accession capital to say that I get in fact enjoyed account your weblog
    posts. Any way I will be subscribing to your feeds or even I success you get entry to
    consistently quickly.

  17. I absolutely love your site.. Excellent colors & theme.

    Did you develop this website yourself? Please reply back as I’m trying to create my
    own website and want to find out where you got this from or exactly what the
    theme is named. Kudos!

  18. Great items from you, man. I’ve be mindful your stuff prior to and you’re
    just too wonderful. I really like what you’ve acquired here, really like what you are saying and the best way through which you say it.
    You make it entertaining and you continue to
    take care of to keep it smart. I can’t wait to learn far
    more from you. That is really a wonderful site.

  19. I am in fact happy to glance at this website posts which includes lots of valuable data,
    thanks for providing such data.

  20. Hi, I think your blog might be having browser compatibility issues.
    When I look at your website in Firefox, it looks fine but when opening in Internet Explorer, it has
    some overlapping. I just wanted to give you a quick heads up!
    Other then that, amazing blog!

  21. whoah this weblog is fantastic i love studying your posts.

    Stay up the great work! You realize, lots of individuals are looking round
    for this info, you could help them greatly.

  22. қыздар группасына ат қою, инста группаға
    ат қою атомный поезд ссср, последствия ядерных испытаний
    на семипалатинском полигоне кремний қышқылының
    түзілу нәтижесінде пайда болатын тұнба түсі, кремний карбиді уикипедия какая
    из величин может быть импульсом тела, изменение импульса
    тела равно импульсу силы

Leave a Reply

Your email address will not be published. Required fields are marked *