A Federal High Court (FHC) in Lagos on Tuesday declined to vacate an interim order through which the Asset Management Corporation of Nigeria (AMCON) seized properties belonging to businessman Jimoh Ibrahim for an alleged N69.4 billion debt.
Ibrahim, NICON Investment Limited and Global Fleet Oil and Gas Limited, had contended that the court granted the order in error.
The defendants also alleged that AMCON concealed material facts in its ex parte application leading to the seizure order.
They prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts” and demanded N50 billion indemnity against AMCON for, among others, alleged failure to conduct due diligence before obtaining the order.
But AMCON’s counsel, Kemi Pinheiro (SAN), opposed him and prayed the court to dismiss the Motion on Notice.
The lawyer argud that AMCON’s counter-affidavit revealed “copious reasons” why the order should not be set aside.
He also argued that AMCON’s exhibits established that the properties attached belong to Ibrahim and, “therefore, he cannot claim innocence of them”.
Pinheiro averred that AMCON made “full and substantial disclosure of all material facts in relation to the subject matter of this suit” at the time of obtaining the orders on November 4, 2020.
Ibrahim, a lawyer, was in court on Tuesday, fully dressed.
Justice Rilwan Aikawa, in a nearly two-hour ruling, upheld Pinheiro’s arguments.
He held: “I agree totally with the counsel for the claimant, Kemi Pinheiro (SAN), that this suit is sui generis.”