Jimoh Ibrahim: AMCON heads to Appeal Court over N69.4bn debt

The Asset Management Corporation of Nigeria said it has filed a notice of appeal at the Court of Appeal, Abuja judicial division, following Justice Okon Abang’s ruling of Tuesday, February 22, 2021, which was unsatisfactory to it.

In a statement on Wednesday titled ‘N69.4bn debt case between AMCON & Jimoh Ibrahim heads to court of appeal’, it said this was in a bid to recover a debt of nearly N70bn owed it by businessman, Jimoh Ibrahim

Abang presided over the case involving AMCON; NICON Investment Limited (in receivership); Global Fleet Oil & Gas Limited (in receivership); Taiwo Lakanu (appointed receiver of NICON Investment Limited & Global Fleet Oil & Gas Limited and Jimoh Ibrahim; NICON Insurance Limited; Nigeria Re-Insurance Hotels Limited; Abuja International Hotels Limited and NICON Hotels Limited.

AMCON said the appeal was filed on the grounds that the trial court erred in law when the trial judge (Abang) neglected, ignored, failed, and or refused to consider the ruling of Honourable Justice Aikawa, which was delivered on November 4, 2020, in Suit No. FHC/L/CS/776/2016.

It stated that the Federal High Court presided over by Justice Aikawa reopened the proceeding in Suit No. FHC/L/CS/776/2016, which was earlier stayed by Justice Oguntoyibo as far back as October 2, 2019.

It said, “After the possessory order by Honourable Justice Aikawa on November 4, 2020, the appellants had approached the Federal High Court in the suit leading to the appeal to request for an order to protect the 1st appellant’s Receiver/Manager (ie, 4th Appellant) while receiving and managing the assets granted to the 1st plaintiff further to the possessory order of Honourable Justice Aikawa.

“On the account of that, AMCON believes that the failure of Honourable Justice Abang to consider that possessory order of Honourable Justice Aikawa granted on November 4, 2020, in FHCL/CS/776/2016 while delivering the ruling on February 22, 2021, led to manifest injustice.”

It added that, “Secondly, the appeal states that “The honourable trial court erred in law when the trial judge set aside and vacated the ex-parte order of the vacation judge, Justice Maha, on the ground that the order of stay of proceedings granted by Honourable Justice Oguntoyinbo in Suit No. FHC/L/CS/776/2016 was not disclosed to the vacation judge.”

AMCON in November 2020 following a court order seized the properties of Ibrahim over an alleged debt of N69.4bn, which was sold to AMCON by Union Bank as a non-performing loan in the early days of AMCON.

The affected businesses of the embattled businessman include NICON Investment Limited and Global Fleet Oil and Gas Limited.

Leave a Comment