N69.4BN DEBT: Appeal Court Dismisses Jimoh Ibrahim Bid To Recover Assets, Bank Accounts

"The appellate Court, on Friday upheld the November 4, 2020 order of Justice Rilwan Aikawa of the Federal High Court, Lagos which authorised AMCON to take over Mr Ibrahim’s assets."

A Court of Appeal, in the Lagos state Division, has dismissed two appeals by Jimoh Ibrahim, Chairman of Global Fleet Group, challenging the seizure of his assets and freezing of his bank accounts over his alleged N69.4bn debt, by the Asset Management Corporation of Nigeria, AMCON. 

The appellate Court, on Friday upheld the November 4, 2020 order of Justice Rilwan Aikawa of the Federal High Court, Lagos which authorised AMCON to take over Mr Ibrahim’s assets.

The Justices unanimously upheld the arguments of AMCON’s lead counsel, Dr Kemi Pinheiro (SAN), who prayed the court to dismiss Ibrahim’s application because it was incompetent.

AMCON had on November 4, 2020, through Pinheiro, obtained an ex-parte order against Nicon Investment Limited, Global Fleet Oil & Gas Limited, and Jimoh Ibrahim freezing their accounts in various banks as well as attaching various properties of the companies.