The Federal High Court sitting in Abuja, has vacated an order granting the Asset Management Corporation of Nigeria (AMCON) the right to take over the assets of Nigerian businessman Jimoh Ibrahim (Chairman of Global Fleet Group) over alleged debts valued at N69.4 billion.
Recall that AMCON had secured an order from a Federal High Court division in Lagos, to seize Ibrahim’s asset over the debts, as well as freeze bank accounts linked to his multiple businesses.
The properties included the NICON Investment Limited building, NICON Hotels Limited building, Abuja, NICON Lekki Limited building and Abuja International Hotels Limited building, among others.
The trial judge, Justice R.M. Aikawa, had also given AMCON the right to freeze accounts linked to Global Fleet Oil & Gas Limited as well as possess the shares Ibrahim had with Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited.
But on Monday, Justice Okon Abang faulted AMCON on the grounds that it concealed material facts before going to court to obtain such orders.
In vacating the order, Abang said, “This is a case of non-disclosure and suppression of material facts.”