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Business

Court vacates order against Jimoh Ibrahim’s assets over alleged N69.4 billion debt

An Abuja court has set aside the interim order gotten by AMCON to seize property belonging to Jimoh Ibrahim over debts owed.

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AMCON seizes assets belonging to Jimoh Ibrahim over N69 billion debt

The Federal High Court in Abuja has set aside the interim order used by the Asset Management Corporation of Nigeria (AMCON) to seize property belonging to businessman and Chairman/Chief Executive Officer, Global Fleet Group, Jimoh Ibrahim, over an alleged N69.4 billion debts.

This follows an earlier application by Jimoh Ibrahim, seeking a reversal of the interim order obtained by AMCON as he claimed that it was erroneously issued, considering that AMCON hid material facts in its ex-parte application

READ: SEC restrains fintech company, Chaka from advertising or offering for sale shares

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

A Federal High Court in Lagos had on February 17, 2021, refused to vacate an interim order used by AMCON to seize property belonging to Jimoh Ibrahim.

READ: Court suspends Mareva injunction, orders opening of Seplat’s corporate offices

What you should know

  • It can be recalled that in November 2020, Justice Rilwan Aikawa of Federal High Court Lagos, had granted an interim order, allowing AMCON to seize properties and freeze bank accounts belonging to Jimoh Ibrahim, over a N69.4 billion debts.
  • Some of these properties include; the building housing 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, the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos, the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos, Energy House located on No. 94, Awolowo Road, Ikoyi, 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 and so on.
  • However, Jimoh Ibrahim urged the Federal High Court in Lagos to discharge an interim order obtained by AMCON taking over his assets. He said that AMCON is aware that they have a deposit of N86bilion or 172million pounds with Union Bank and AMCON is aware that an application to collect the money from Union Bank is pending before an Ikeja High Court. All of these facts, Ibrahim said, have not disclosed to an innocent Federal High Court.
  • 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 and also prayed the court to order AMCON to pay N50 billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.
  • But Aikawa, in a nearly 2-hour ruling, upheld the argument of AMCON’s counsel, Kemi Pinheiro, SAN, which insisted that AMCON made full and substantial disclosure of all material facts at the time of obtaining the orders on November 4, 2020.

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

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Business

Bandits kidnap students at Girls Secondary School in Zamfara State

Armed bandits have attacked and abducted students of a secondary school in Zamfara State.

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Armed bandits have kidnapped an unspecified number of students at the Girls Secondary School, Talata Mafara Local Government Area of Zamfara State.

This was disclosed by the state media agency, NTA in a statement on Friday morning.

“Armed bandits kidnapped an unspecified number of Students at Government Girls Secondary School, Jangebe in Talata Mafara Local Government Area of Zamfara State,” they said.

More details shortly…

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Business

Border trade: Onion marketers commence land exports to West Africa

Nigerian onion marketers have commenced documented exports to West Africa.

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The Onion Producers and Marketers Association of Nigeria (OPMAN) has inaugurated the launch of documented onion exports to West Africa through the Illela land border in Sokoto State.

This was launched by Mr Abdulrahameed Ma’aji, the Area Controller of Nigerian Customs Service (NCS), for Sokoto and Zamfara states on Thursday, as he urged the onion traders to maximize the opportunity for enhanced production and trade with the continent.

He added that the Customs Service had implemented laws and guidelines to improve Nigerian trade and encourage businesses to export to Africa.

“Despite COVID-19 Pandemic, NCS provided proactive solutions to the public that will aid continued reliable and quality service delivery for sustenance of global trade,” Ma’aji said.

National President of OPMAN, Aliyu Maitasamu, stated that the union was working with sister agencies to develop a recovery plan to boost production by 20% each year until 2026.

“In line with the Federal Government’s plan to diversify the economy and create jobs, the union in conjunction with sister bodies in West and Central Africa, developed an onion recovery plan which will target an average steady growth of 20 per cent each year, from 2020 to 2026,” he said.

“Nigeria is among the 10 top onion exporting countries in the world, and with competitive advantage of production, the largest onion producing country in sub-Saharan Africa, with annual 1.4 million metric tonnes in output.

“With the present arrangement, Nigeria will continuously export onions to Niger Republic, Ghana, Burkina Faso, Benin Republic, Mali, Cote D’ Ivoire, and others, with more expanding opportunities,” Maitasamu added.

In case you missed: Nairametrics reported on December 16, 2020 that President Muhammadu Buhari had ordered the immediate reopening of four of Nigeria’s land borders, over a year after they were all shut.

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