Jimoh Ibrahim’s loses appeal against AMCON over  N69bn debt

11 Dec Jimoh Ibrahim’s loses appeal against AMCON over  N69bn debt

The court of appeal, Lagos division, has dismissed an appeal by Jimoh Ibrahim, a Nigerian businessman, challenging the seizure of his assets by the Asset Management Corporation of Nigeria (AMCON) over N69.4 billion debt.

Jude Nwauzor, spokesperson of AMCON, said this in a statement on Friday that the ruling is ‘another victory for AMCON and the needed good news’ for the government recovery agency.

On November 4, Rilwan Aikawa, the judge, in his ruling, upheld the arguments of AMCON’s lawyer, Kemi Pinheiro, a senior advocate of Nigeria, that AMCON made “full and substantial disclosure of all material facts”.

Following the ruling, the justice had authorised AMCON to take over assets and freeze bank accounts belonging to Ibrahim and his companies, including Global Fleet Oil & Gas Limited and NICON Investment Limited, over the alleged debt on November 18, 2020.

Following AMCON’s seizure of Ibrahim’s assets and businesses, the businessman filed an appeal to the court.

In a unanimous decision, the court of appeal upheld the preliminary objection of AMCON and accordingly dismissed Ibrahim’s appeal.