N50 Billion Debt: Court Vacates Seizure Order On Jimoh Ibrahim’s Companies

Posted by African Examiner Featured, Latest Headlines, News Monday, July 11th, 2016

By Niyi Adeyi

LAGOS, NIGERIA (AFRICAN EXAMINER) – A Federal High Court sitting in Lagos has ordered the vacation of an interim injunction obtained by the Assets Management Corporation (AMCON) to take possession of some companies belonging to a Nigerian businessman, Mr. Jimoh Ibrahim.

The earlier order was due to alleged debt of N50 billion owed by the businessman and politician.
The vacation order given Monday by Justice Abdul Azeez Anka followed an application by AMCON’s Lawyer, Mr. Yusuf Ali (SAN).

Delivering the ruling as a vacation judge, Justice Anka, ordered that all banks’ accounts belonging to Mr. Ibrahim and his companies already frozen since June 14, 2016 by Justice Saliu Saidu of another court be released.

It would be recalled that the court had previously ordered freezing of NICON Insurance Company Plc; Nigeria Re-Insurance Company Plc; NICON Investment Limited; Global Fleet Oil and Gas Limited; Nigeria Stockbrokers Limited and NICON Trustees Limited, all belonging to Ibrahim.

AMCON’s Counsel then, through an ex parte application prayed Justice Saidu to allow the agency have in its possession the defendants’ assets in Abuja, Lagos, Dubai and London, as part of renewed efforts to recover the alleged debt owed by the businessman.

Justice Anka after the Monday ruling, adjourned next hearing till Monday, August 1, 2016.