The Federal High Court, Abuja on Monday set aside the interim order through which the Asset Management Corporation of Nigeria (AMCON) seized property belonging to businessman Jimoh Ibrahim over alleged N69.4 billion debt.
In his ruling, Justice Okon Abang 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.
This comes after a Federal High Court in Lagos had on February 17 declined to vacate an interim order through which AMCON seized Ibrahim’s property.
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 Justice Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s counsel Kemi Pinheiro which insisted that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020.
Justice Abang’s ruling has now set aside the interim order secured by AMCON against Ibrahim’s assets.