The Court of Appeal, Lagos Division, has dismissed an appeal brought before it by the Chairman of Global Fleet Group, Jimoh Ibrahim, who is challenging the seizure of 12 of his assets by the Asset Management Corporation of Nigeria (AMCON), and freezing of all his bank accounts, over alleged N69.4billion debt.
The Appeal Court upheld the arguments of AMCON’s lead counsel, Kemi Pinheiro (SAN), who prayed it to dismiss Ibrahim’s application.
Ibrahim, now the senator-elect for Ondo South Senatorial District, and his company were represented by Niyi Akintola (SAN) and Bolaji Ayorinde (SAN).
AMCON had taken possession of all the 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners – following the order of Justice Rilwan Aikawa of the Federal High Court sitting in Lagos, which was issued on November 18, 2020.
The seized assets include 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.
Other properties that were taken over by AMCON include 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 along Mile 2-Oshodi Expressway, 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 building, Garki 1, Federal Capital Territory (FCT), Abuja.
In addition to the takeover of the properties by AMCON, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies, including Global Fleet Oil & Gas Limited, and NICON Investment Limited, all of whom were defendants in the suit marked FHL/L/CL/776/2016.
The Head of Corporate Communications Department at AMCON, Jude Nwauzor, in reaction to the latest ruling, said the corporation will continue to go about its mandate as expected of it, and guided by the AMCON Act as amended.
According to him, no matter the class or personality of the obligor, AMCON will not be deterred by the antics of its debtors, to recover the huge debts owed it by some high-profile but recalcitrant debtors, an obligation he said is in the interest of the Nigerian economy and the citizens.