Categories: NewsNigeria News

Court Vacates Order Against Jimoh Ibrahim’s Assets Over Alleged 69.4bn Debt

Court Vacates Order Against Jimoh Ibrahim’s Assets Over Alleged 69.4bn Debt

 

 

 

 

The Federal High Court, Abuja, on Monday, set aside the interim order through which the Asset Management Corporation of Nigeria seized property belonging to a businessman, Jimoh Ibrahim, for an alleged N69.4 billion debt.

Justice Okon Abang, in a ruling, also vacated all consequential orders earlier made by the court on Jan. 4 but differently constituted by Justice Rilwan Aikawa of a Federal High Court, Lagos.

The News Agency of Nigeria reports that a Federal High Court, Lagos, had on, February 17, declined to vacate an interim order through which AMCON seized property belonging to Ibrahim.

[irp]

Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, had prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts.”

They further prayed the court to order AMCON to pay N50 billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.

[irp]

But Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s counsel, Kemi Pinheiro, SAN, which insisted that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on Nov. 4, 2020.

 

 

 

NAN

Angela Davies

Recent Posts

Court Dismisses Case Against #EndBadGovernance Protesters

The court has dismissed the case against #EndBadGovernance protesters.   Glamtush reports that a Federal…

2 hours ago

FG Terminates ₦740bn Abuja-Kaduna Road Contract With Julius Berger Over Non-Performance

FG has terminated the ₦740bn Abuja-Kaduna road contract with Julius Berger over non-performance.   Glamtush reports…

3 hours ago

Ekiti Chief Judge, Adeyeye, Dies At 64

Ekiti Chief Judge, Adeyeye, has died at 64.   Glamtush reports that Justice Oyewole Adeyeye,…

3 hours ago

Access Bank Wins Best Digital, Best Website At 2024 Digital Jurist Awards

Access Bank PLC has been named the 2024 Best Digital Award winner in the Commercial…

4 hours ago

Top Summary From Nigerian Newspapers For Tuesday, November 5th, 2024

The top summary from Nigerian newspapers for Tuesday, November 5th, 2024, can be accessed on…

4 hours ago

Ekiti Governor Honours Primate Ayodele’s Late Father, Names Street After Him

The governor of Ekiti state, Biodun Oyebanji has honoured Primate Elijah Ayodele’s late father by…

16 hours ago