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
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.”
Sport
Ministry signs N35 billion MoU with firm for sports development
Mr Enoh said that the partnership would help to inject funding into sports development from the private sector.
Economy
Kerosene price stood at N1,354.40 in March: NBS
It said the South-South recorded the lowest average retail price per litre of kerosene at N1,273.07.
States
Gov. Ododo warns against breach of peace
My administration will no doubt resist any attempt to instigate violent protests in any part of the state under any guise
Heading 2
Okuama Killings: Senator commends DHQ for release of detained traditional ruler
The king was released on Friday by the Defence Headquarters after spending about three weeks in the military custody.
Heading 3
Court adjourns Nnamdi Kanu’s N1 billion suit against FG for adoption of processes
Mr Benye said the instant suit was an abuse of court process.
Heading 5
Two die in Ilaro-Owode road crash
She said that a total number of seven people were involved, which comprised four men and three women.