Tue. Aug 9th, 2022

A’Court Dismisses Jimoh Ibrahim, Nicon Investments’s Applications Against AMCON

A’Court Dismisses Jimoh Ibrahim, Nicon Investments’s Applications Against AMCON

The Lagos Division of Appeal Court, has dismissed two appeals filed Mr. Jimoh Ibrahim, Chairman of Global Fleet Group, and Nicon Investments, challenging the Asset Management Corporation of Nigeria (AMCON)’s seizure of his assets and freezing of his bank accounts, over alleged N69.4 billion debt.

The appellate court upheld the arguments of AMCON’s lead counsel, Dr Kemi Pinheiro (SAN), who prayed the court to dismiss the applications for being incompetent.

Chief Niyi Akintola (SAN), is the counsel to Jimoh Ibrahim, while chief Bolaji Ayorinde (SAN) is for the 2nd Defendant.

AMCON had on November 4, 2020 obtained an ex-parte order, filed and argued by Pinheiro (SAN), against Nicon Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim freezing their accounts in various banks as well as attaching various properties of the companies.

The properties seized by AMCON Include; NICON Investment Limited’s Building at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited’s Building, Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja; NICON Lekki Limited’s Building, at 5, Customs Street, Lagos; Abuja International Hotels Limited’s Building at 3, Hospital Road, Lagos; Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building, Plot 3, Road 3, Victoria Garden City, Ajah, Lagos and NICON Luxury Hotel’s Building, Garki 1, Abuja.

Following the execution of the Exparte order, Nicon Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim through their Counsel, filed a motion at the Federal High Court dated November 19, 2020 seeking to discharge/set aside Justice Aikawa’s order.

Some other entities which AMCON alleged was linked to Ibrahim, including Nicon Insurance Limited, Nigerian-Re-Insurance Limited, Abuja Hotel Limited and Nicon Hotels Limited also filed an application asking the judge to discharge the said order.

After hearing the two applications and the arguments canvassed by parties through their respective counsel, Justice Aikawa dismissed both applications in his ruling of February 16, 2021.

Dissatisfied, both sets of applicants filed separate appeals at the Court of Appeal. 

AMCON was represented in the appeals by Pinheiro while the first set of Appellants were represented by Akintola and the second set by Ayorinde. 

At the hearing of the appeals on September 30, 2021, Pinheiro raised a preliminary objection to the appeal contending that the appeal was incompetent because the Appellants failed to seek leave prior to the filing of the appeal. 

In a unanimous decision on Friday, the Court of Appeal upheld the preliminary objection of AMCON and accordingly dismissed both applications.