Breaking News
Translate

Alleged 69.4bn debt; Court to rule on Jimoh Ibrahim’s application Jan 12

Kindly Share This Story:

Jimoh Ibrahim

By Onozure Dania

A Federal High Court sitting in Lagos, yesterday fixed January 12, 2021, to rule on an application filed by a businessman, Jimoh Ibrahim, seeking the reversal of an interim court order which authorised the Asset Management Corporation of Nigeria to take over his properties over alleged N69.4billion.

Justice Rilwan Aikawa adjourned the ruling after listening to the arguments of counsel to AMCON Mr. KemiPinheiro SAN, as well as a lawyer to Nicon Investment Limited and Global Fleet Oil and Gas Limited, Adenrele Adegborioye.

Pinheiro while moving his counter-affidavit, informed Justice Rilwan Aikawa that his counter-affidavit filed in opposition to the motion to discharge the expertise order revealed copious reasons why the order should not be set aside.

READ ALSOBuhari seeks Senate approval for Finance Bill 2020

He said that the various exhibit attached to the counter affidavit established that the properties attached belongs to the defendant, therefore he can not claim innocent of them.

Ibrahim and his firms prayed the court to order AMCON to pay them N50billion indemnity for their alleged “failure to conduct due diligence before obtaining the said order sought to be set aside and for misrepresentation and concealment of fact.”

But AMCON’s lawyer, Pinheiro, opposed the defendants’ Motion on Notice and prayed the court to dismiss same.

A lawyer in AMCON’s legal department, Imelda Raheem, said, “The plaintiff, at the time of obtaining the orders on the 4th day of November 2020, made full and substantial disclosure of all material facts in relation to the subject matter of this suit.”

Following the seizure order made by Justice Rilwan Aikawa on November 4, AMCON took over 12 properties belonging to Ibrahim and his firms.

The properties included the NICON Investment Limited building 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.

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!