AMCON and Jimoh Ibrahim Clash Over N69.4 Billion Debt Judgment
In a recent development, the Asset Management Corporation of Nigeria (AMCON) and Jimoh Ibrahim, Chairman of Global Fleet Group, have found themselves at odds regarding a judgment related to Ibrahim’s alleged N69.4 billion debt.
AMCON announced that the Court of Appeal, Lagos State Division, had dismissed an appeal brought by Jimoh Ibrahim. The appeal challenged AMCON’s seizure of twelve of Ibrahim’s assets and the freezing of all his accounts.
However, Jimoh Ibrahim vehemently disagreed with AMCON’s statement. He dismissed it as “fake news” and asserted that they had actually emerged victorious in the Court of Appeal. He supported his claim by sharing a court order to substantiate his position, revealing that it was AMCON that had appealed the case to the Supreme Court.
The conflicting narratives between AMCON and Jimoh Ibrahim underscore the ongoing dispute over the judgment concerning his substantial debt of N69.4 billion.
AMCON Statement: Upholding of Arguments and Seizure of Assets in N69.4 Billion Debt Case
AMCON’s statement regarding the judgment highlights the arguments presented by their lead counsel, Mr. Kemi Pinheiro, a Senior Advocate of Nigeria. Pinheiro successfully convinced the judges to dismiss Jimoh Ibrahim’s application. The senator-elect, serving in the 10th Senate of the Federal Republic of Nigeria, and his company were represented by two Senior Advocates of Nigeria (SANs), Mr. Niyi Akintola and Mr. Bolaji Ayorinde, respectively.
In response to Justice Rilwan Aikawa’s order from the Federal High Court in Lagos issued on November 18, 2020, AMCON exercised its authority and seized all twelve properties through its Debt Recovery Agent, Pinheiro Legal Partners. These assets include the NICON Investment Limited building situated at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; the NICON Hotels Limited building located at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja; and the NICON Lekki Limited building at No. 5, Customs Street, Lagos.
