The Court of Appeal in Lagos on Friday dismissed an appeal by businessman Jimoh Ibrahim to upturn the seizure of his 12 assets and freezing of all his bank accounts.
Mr Ibrahim’s assets were seized by the Asset Management Corporation of Nigeria (AMCON) over his alleged N69.4billion debt.
The appellate court upheld the November 18, 2020 order of Justice Rilwan Aikawa of the Federal High Court authorising AMCON to take over Ibrahim’s assets.
The justices upheld the arguments of AMCON’s lead counsel Kemi Pinheiro, who prayed the court to dismiss Ibrahim’s application, for want of merit.
The asset company seized 12 property belonging to the businessman and his firms NICON Investment Limited and Global Fleet Oil and Gas Limited.
The property include the NICON Investment Limited’s building at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited’s building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at 5, Customs Street, Lagos.
Niyi Akintola (SAN) represented Ibrahim in court while Bolaji Ayorinde (SAN) stood for the second defendant, Global Fleet Group.