Nigerian business mogul, Jimoh Ibrahim
The Asset Management Corporation of Nigeria has been ordered to
vacate all the assets belonging to Nigerian businessman, Jimoh Ibrahim, seized by the agency over an alleged indebtedness of N50bn.
The order was given by a Federal High Court in Lagos on Monday as
it discharged an interim injunction empowering AMCON to take over the
assets.
Punch
revealed that Justice Abdulazeez Anka vacated the interim order and
restored possession of the companies to Ibrahim on Monday following an
application to that effect by AMCON, through its lawyer, Mr. Yusuf Ali
(SAN).
Justice Anka, who was sitting as a vacation judge, also released
all the bank accounts of Ibrahim and his companies frozen since June 14,
2016 by another judge of the court, Justice Saliu Saidu.
Justice Saidu had ordered AMCON to take over Ibrahim’s companies
pending the determination of a debt recovery suit filed by the
corporation against Ibrahim and his companies.
The companies involved are NICON Investment Limited and Global
Fleet Oil and Gas Limited, Nigeria Re-Insurance Company Plc, NICON
Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees
Limited.
AMCON claimed that NICON Investment Limited, Global Fleet Oil and
Gas Limited and Ibrahim were indebted to it to the tune of over N50bn,
resulting in “protracted negotiations and court battles.”
Its lawyer, Ali, had through an ex parte application begged Justice
Saidu to allow the corporation to seize the defendants’ assets in
Abuja, Lagos, Dubai and London, as part of AMCON’S renewed efforts to
recover an alleged debt of over N4.5tn being owed it by about 400
obligors, which it said had become “recalcitrant despite obvious efforts of the corporation.”
In a short ruling, Justice Anka discharged the order and adjourned the matter till August 1, 2016.
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