N69.4bn debt: Jimoh Ibrahim loses bid to recover seized assets | Dailytrust

N69.4bn debt: Jimoh Ibrahim loses bid to recover seized assets

Famous Businessman and former governorship aspirant in Ondo state, Jimoh Ibrahim, has lost attempt to recover his properties seized by the Asset Management Corporation of Nigeria (AMCON) in respect to N69.4 billion debt.

Ibrahim had approached a Federal High Court in Lagos to vacate an interim order granted to AMCON to seize his properties.

However, in a ruling presided over by Justice Rilwan Aikawa, the court held that  AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020, hence declined to vacate the interim order.

The properties seized from the business mogul included the NICON Investment Ltd building, Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Ltd building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja, and the building of NICON Lekki Ltd also at No. 5, Customs Street, Lagos.

Ibrahim had, through his lawyer, argued that AMCON failed to carry out due diligence before taking over the properties.

He also prayed to the court to order AMCON to pay N50 billion indemnity for misrepresentation of material facts.

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