N69.4bn debt: AMCON, Jimoh Ibrahim differ on judgement


The Asset Management Corporation of Nigeria on Thursday said the Court of Appeal, Lagos State Division, has dismissed an appeal brought before it by the Chairman of Global Fleet Group, Jimoh Ibrahim.

It said Ibrahim was challenging the seizure of 12 of his assets by AMCON, and freezing of all his accounts over his alleged N69.4bn debt.

Reacting to the statement by AMCON titled ‘Senator-Elect, Jimoh Ibrahim loses appeal to recover assets seized by AMCON, unfreeze bank accounts over N69.4bn debt owed’, Ibrahim described the statement as a fake news.

“Fake release, we actually won at the court of appeal. It was AMCON that appealed to Supreme Court,” he said after sending a court order.


According to the statement by AMCON, “”The judges upheld the arguments of AMCON’s lead counsel Mr Kemi Pinheiro, a Senior Advocate of Nigeria. Pinheiro had prayed the court to dismiss Ibrahim’s application. Ibrahim who is now a senator-elect the (first defendant) who will be serving in the 10th Senate of the Federal Republic of Nigeria, and his company (second defendant) were also represented by two Senior Adcocates of Nigeria SANs, Mr Niyi Akintola and Mr Bolaji Ayorinde, respectively.

“In response to the order of Justice Rilwan Aikawa of the Federal High Court in Lagos, which was issued on November 18, 2020, AMCON took possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners.

“These assets include the building of NICON Investment Limited at 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.”

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