N69.4 billion debt: Court vacates order against Jimoh Ibrahim’s assets
The Federal High Court, Abuja, on Monday, has set aside the interim order through which the Asset Management Corporation of Nigeria seized property belonging to a businessman, Jimoh Ibrahim, for an alleged N69.4 billion debt.
Justice Okon Abang, in a ruling, also vacated all consequential orders earlier made by the court on January 4 but differently constituted by Justice Rilwan Aikawa of a Federal High Court, Lagos.
A Federal High Court, Lagos, had on February 17 declined to vacate an interim order through which AMCON seized property belonging to Mr. Ibrahim.
Mr. Ibrahim, NICON Investment Ltd, and Global Fleet Oil and Gas Ltd had prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts.”
They further prayed the court to order AMCON to pay N50 billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.
But Mr. Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s counsel, Kemi Pinheiro (SAN) which insisted that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020.
(NAN)
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Agriculture
FG tasks ECOWAS on leveraging financing strategies for agroecology
The federal government has urged stakeholders in the agriculture and finance sectors in the West Africa region to leverage financing strategies to enhance agroecology practices
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Africa
Jonathan hails Sierra Leone’s decision on ex-president Koroma
Former President Goodluck Jonathan has commended the Sierra Leone government’s decision to discontinue criminal proceedings against its former president, Ernest Koroma.
States
Benue govt, foundation partner to improve agriculture, boost food security
The Benue government pledged to strengthen its partnership with the Teryima and Msurshima Foundation to expand the distribution of improved foundation seed.
Politics
Borno youths mobilise thousands for Tinubu, Shettima’s re-election
Youths in Borno have mobilised thousands to canvass grassroots support for the re-election of President Bola Tinubu and Vice-President Kashim Shettima.
Economy
Labcorp agrees to pay $14 million to resolve false claims allegations
Laboratory Corporation of America (Labcorp), a national clinical diagnostics company, has agreed to pay $14,500,000 to resolve allegations that it violated the False Claims Act.
Economy
Redi-Bag USA, CEO to pay $7 million over evaded customs duties allegation
Redi-Bag USA and Mr Rabiea allegedly misrepresented on customs entry forms that the country of origin of the PRCBs was Hong Kong, thus evading anti-dumping duties.
States
ADC mourns Amaechi’s mother
The African Democratic Congress expressed condolences to its vice-presidential candidate, Rotimi Amaechi, following the death of his mother, Mary Amaechi.
