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Jimoh Ibrahim loses appeal to retain NICON properties over N70bn debt

The Court of Appeal Lagos Division has dismissed an appeal by the Chairman of Global Fleet Group, Jimoh Ibrahim, challenging the Asset Management Corporation of Nigeria (AMCON)’s seizure of his 12 assets and freezing of all his accounts over his alleged N69.4billion debt.

The appellate court upheld the November 18, 2020 order of Justice Rilwan Aikawa of the Federal High Court, Lagos which authorised AMCON to take over Mr Ibrahim’s assets.
The justices upheld the arguments of AMCON’s lead counsel, Dr Kemi Pinheiro SAN, who prayed the court to dismiss Ibrahim’s application.
Chief Niyi Akintola, SAN, is the counsel to the Jimoh Ibrahim while Chief Bolaji Ayorinde SAN is for 2nd Defendant, Global Fleet Group. AMCON, following Justice Aikawa’s order, took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners.

The 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.

Other properties are the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another Property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.

In addition to the take over of the properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited all of whom are defendants in the suit No. FHL/L/CL/776/2016.

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