N69.4bn Debt: Jimoh Ibrahim loses bid to recover assets, bank accounts

The Court of Appeal, Lagos Division, has dismissed two appeals by the Chairman of Global Fleet Group, Jimoh Ibrahim, challenging the Asset Management Corporation of Nigeria’s seizure of his assets and freezing of his bank accounts over his alleged N69.4 billion debt.

The appellate court on Friday upheld the November 4, 2020 order of Justice Rilwan Aikawa of the Federal High Court, Lagos which authorised AMCON to take over Mr Ibrahim’s assets.

The justices unanimously upheld the arguments of AMCON’s lead counsel, Dr Kemi Pinheiro (SAN), who prayed the court to dismiss Ibrahim’s application because it was incompetent.

AMCON had on November 4, 2020, through Pinheiro, obtained an ex-parte order against Nicon Investment Limited, Global Fleet Oil & Gas Limited, and Jimoh Ibrahim freezing their accounts in various banks as well as attaching various properties of the companies.