Jimoh Ibrahim loses bid to recover assets seized by AMCON

A Lagos division of the Federal High Court has declined an application to vacate an interim order granted on the 4th November 2020 to and used by AMCON to seize properties belonging to billionaire businessman, Jimoh Ibrahim, for an alleged N69.4 billion debt.

Asset Management Corporation of Nigeria (AMCON) was created by the Federal Government for the purpose of efficiently resolving the Non-Performing Loan (NPL) assets of banks in Nigeria; The Corporation is empowered to dispose of managed assets for the purpose of fulfilling its functions and objects.

AMCON had announced on the 18th November 2020, that following its successful application to the courts, it had taken over 12 prime properties belonging to the businessman, Jimoh Ibrahim over a staggering indebtedness of nearly N70billion

AMCON also announced that in addition to the takeover of the listed properties, the Court also granted AMCON the rights to freeze accounts belonging to businesses linked to Mr. Ibrahim including Global Fleet Oil & Gas Limited and NICON Investment Limited, and also possession of shares belonging to Mr. Ibrahim in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited.

The properties that were seized are as follows:

  • The NICON Investment Ltd building Plot 242, Muhammadu Buhari Way, Central Business District, Abuja;
  • NICON Hotels Ltd building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and
  • The building hosting NICON Lekki Ltd at No. 5, Customs Street, Lagos.
  • The building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos;
  • A Property at Plot 242, Muhammadu Buhari Way, Abuja;
  • The former Allied Bank Building on Mile 2, Oshodi Expressway, Apapa Road, Lagos;
  • The 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.

Ibrahim, NICON Investment Limited and Global Fleet Oil and Gas Limited, had contended that the court granted the order in error alleging that AMCON concealed material facts in its ex parte application leading to the seizure order.

They urged the court to set aside the order for “non-disclosure and misrepresentation of material facts” and “to order AMCON to pay N50 billion indemnity for its alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact”.

The Judge (Rilwan Aikawa), held that the order which he granted on the 4th Novemeber last year subsists, as he upheld the argument of AMCON’s lawyer, Kemi Pinheiro, that the asset recovery agency made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020.

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