Journalism of Courage

N69.4bn debt: Appeal Court affirms AMCON’s seizure of Jimoh lbrahim’s assets accounts remain frozen


The Chairman of Global Fleet Group of companies and businessman, Jimoh Ibrahim, has lost the bid to stop the Asset Management Corporation of Nigeria (AMCON) from seizing his assets and freezing his bank accounts over  alleged N69.4 billion debt.

The Court of Appeal in Lagos on Friday dismissed the two appeals filed by the Ondo-born businessman against AMCON.

In its judgment, the appellate court re-affirmed the November 4, 2020 order of Justice Rilwan Aikawa of the Federal High Court in Lagos which authorised AMCON to take over Ibrahim’s assets.

The judges upheld the arguments of AMCON’s counsel, who asked the court to dismiss Ibrahim’s application, saying it is incompetent.

On November 4, 2020, AMCON had through its counsel obtained an ex-parte order against Nicon Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim freezing their accounts in various banks as well as attaching various properties of the companies.

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The properties include NICON Investment Limited’s Building at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited’s Building, Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja; NICON Lekki Limited’s Building, No. 5, Customs Street, Lagos; Abuja International Hotels Limited’s Building.

Others are No. 3, Hospital Road, Lagos; Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building, Plot 3, Road 3, Victoria Garden City, Ajah, Lagos and NICON Luxury Hotel’s Building, Garki 1, Abuja.

Following the execution of the order, NICON Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim through Chief Niyi  Akintola (SAN) filed an application at the Federal High Court seeking to discharge and set aside Justice Aikawa’s order.

Some other entities which AMCON alleged was linked to Ibrahim, including NICON Insurance Limited, Nigerian-Re-Insurance Limited, Abuja Hotel Limited and NICON Hotels Limited, also filed an application asking the judge to discharge the order.

After hearing the two applications and the arguments canvassed by parties through their respective counsel  — Chief Niyi Akintola (SAN), representing Ibrahim and Chief Bolaji Ayorinde (SAN) for NICON Investment Ltd — Justice Aikawa dismissed both applications by his ruling of February 16, 2021.

At the hearing of the appeals on September 30, 2021, AMCON raised a preliminary objection to the appeal contending that the appeal was incompetent because the appellants failed to seek leave prior to the filing of the appeal.



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