High Court Orders Release Of Jimoh Ibrahim’s Assets

High Court Orders Release Of Jimoh Ibrahim's Assets

The Federal High Court, Abuja, set aside the interim order through which the Asset Management Corporation of Nigeria seized property belonging to a businessman, Jimoh Ibrahim, for an alleged ₦69.4 billion debt.

Justice Okon Abang, in a ruling on Monday, also vacated all consequential orders earlier made by the court on Jan. 4 but differently constituted by Justice Rilwan Aikawa of a Federal High Court, Lagos.

BizWatch Nigeria had reported that the assets of the Chairman of Global Fleet Group, Jimoh Ibrahim, were seized in November 2020, by the Asset Management Corporation of Nigeria (AMCON), in addition, his bank accounts have been frozen as a result of a ₦69.4 billion debt.

On February 17, a Federal High Court, Lagos, had declined to vacate an interim order through which AMCON seized property belonging to Ibrahim.

Ibrahim, NICON Investment Ltd, and Global Fleet Oil and Gas Ltd, had prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts.”

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They further prayed the court to order AMCON to pay ₦50 billion indemnities for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.

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