The Court of Appeal in Lagos on Friday rejected the prayers of the Chairman of Global Fleet Group, Jimoh Ibrahim, seeking to reverse the seizure of 12 assets and freezing of all his accounts over his alleged N69.4billion debt by the Asset Management Corporation of Nigeria.
In its ruling, the court upheld the November 18, 2020 order of Justice Rilwan Aikawa of the Federal High Court, Lagos authorizing AMCON to take over Mr Ibrahim’s assets.
In their statements, all the justices adopted the arguments of lead counsel for AMCON, Dr Kemi Pinheiro (SAN), who prayed the court to throw out Ibrahim’s application.
Jimoh Ibrahim’ counsel was Chief Niyi Akintola (SAN), while Chief Bolaji Ayorinde (SAN) stood in for Global Fleet Group, the 2nd Defendant.
Following the order by Justice Aikawa, AMCON proceeded to take possession of all 12 properties, which was effected through its Debt Recovery Agent – Pinheiro Legal Partners.
Among the assets seized from Ibrahim were the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited, also at No. 5, Customs Street, Lagos.
Also included are the building of Abuja International Hotels Limited, located at No. 3, Hospital Road, Lagos; another Property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
Besides these, the court also ordered all accounts belonging to Ibrahim and his companies to be frozen. These included Global Fleet Oil & Gas Limited and NICON Investment Limited.
