December 10, (THEWILL) – The Court of Appeal in Lagos has dismissed two appeals filed by the chairman of Global Fleet Group of Companies, Jimoh Ibrahim, challenging the seizure of his assets and freezing of accounts by the Asset Management Corporation of Nigeria (AMCON).
Ibrahim’s companies owe AMCONN N69.4billion.
AMCON spokesman, Jude Nwauzor, who disclosed this in a press statement on Friday, described the ruling as another victory for AMCON and a needed good news to the recovery drive of the government recovery agency.
The appellate court reaffirmed the November 4, 2020 order of Justice Rilwan Aikawa of the Federal High Court, Lagos which authorized AMCON to take over Jimoh Ibrahim’s assets.
In a unanimous decision, the judges upheld the arguments of AMCON’s counsel, who asked the court to dismiss Ibrahim’s application because it was incompetent.
Chief Niyi Akintola (SAN), represented Jimoh Ibrahim, while Chief Bolaji Ayorinde (SAN) represented Nicon Investment Limited.
AMCON, following Justice Aikawa’s order, took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners. The 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 include the Abuja International Hotels Limited building 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, Apapa Road, 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’s Building, Garki I, FCT, Abuja.
In addition to the takeover of the properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited all of whom are defendants in suit No. FHL/L/CL/776/2016.
