The Court of Appeal in Lagos has dismissed an appeal by the Chairman of Global Fleet Group, Barrister Jimoh Ibrahim, challenging the legality of the Asset Management Corporation of Nigeria (AMCON’s) seizure of his 12 assets and freezing of all his accounts over his alleged N69.4billion debt.
The appellate court had upheld the November 18, 2020, order of Justice Rilwan Aikawa of the Federal High Court in Lagos, which authorized AMCON to take over Ibrahim’s assets over his huge debt to AMCON, which the businessman has been contesting in court.
Following AMCON enforcement of Ibrahim’s assets and businesses, the embattled businessman has been fighting AMCON in court and claiming the contrary in the media.
But the development may have taken another dimension on Friday the Justices of the Court of Appeal upheld the arguments of AMCON’s lead lawyer, Dr Kemi Pinheiro SAN, who prayed the court to dismiss Ibrahim’s application. Chief Niyi Akintola, SAN, is the lawyer to Jimoh Ibrahim (first defendant) while Chief Bolaji Ayorinde SAN is the lawyer to Global Fleet Group (second defendant)
Following Justice Aikawa’s order, AMCON took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners. The 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 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.
In addition to the takeover of the properties, 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 are defendants in the suit No. FHL/L/CL/776/2016.
Following a court order, AMCON had also in November 2020, seized the properties of Ibrahim over an alleged debt of N69.4billion, which was sold to AMCON by Union Bank as a non-performing loan in the early days of AMCON.
AMCON had sometime on November 4, 2020 through its lawyer, Kemi Pinheiro SAN, obtained an ex-parte order (Under Sections 49 & 50 of the AMCON Act as amended) 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, which properties included: 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, No. 5, Customs Street, Lagos, Abuja International Hotels Limited’s Building – No. 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 order, NICON Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim through their lawyers Chief Adeniyi Akintola SAN filed a motion dated November 19, 2020, seeking to discharge/set aside the order, which was made by Justice R.M. Aikawa of the Federal High Court in Lagos.
Some other entities, which AMCON alleged was linked to Jimoh Ibrahim to wit: NICON Insurance Limited, Nigerian-Re-Insurance Limited, Abuja Hotel Limited and NICON Hotels Limited also filed an application to discharge the said order of 4th day of November 4, 2020. After hearing the two applications and the arguments canvassed by parties through their respective lawyers, Justice Aikawa proceeded to dismiss both applications by his ruling of February 16, 2021.
As a follow up to that decision, both sets of Applicants filed independent appeals in the Court of Appeal in Lagos.
AMCON was represented in the appeals by Kemi Pinheiro SAN, while the first set of Appellants were represented by Chief Adeniyi Akintola SAN and the second set by Chief Bolaji Ayorinde SAN.
At the hearing of the appeals on September 30, 2021, Kemi Pinheiro SAN for AMCON raised a preliminary objection against the appeal on the grounds that the appeal was incompetent as the Appellants failed to seek leave of the court before filing the appeal.
In a unanimous decision on Friday, December 10, the Court of Appeal upheld the preliminary objection of AMCON and accordingly dismissed both appeals.
The development indicates that AMCON remains in possession of the properties attached by the order of Hon. Justice Aikawa on November 4, 2021.
The matter between Jimoh Ibrahim and AMCON has been interminable since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank in the early days of AMCON.
But AMCON has reiterated that it will recover about N70billion owed it by Jimoh Ibrahim and his companies in the interest of the Nigerian economy and the general public.
Speaking on the latest development in a statement made available after the appellate court’s decision, AMCON’s Head, Corporate Communications Department , Jude Nwauzor, described the verdict as ‘another victory for AMCON.
He also stated that verdict was a good news to the recovery drive of the government recovery agency.
