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Jimoh Ibrahim: AMCON heads to Appeal Court over N69.4bn debt


Jimoh Ibrahim: AMCON heads to Appeal Court over N69.4bn debt – Punch  NewspapersThe Asset Management Corporation of Nigeria said it has filed a notice of appeal at the Court of Appeal, Abuja judicial division, following Justice Okon Abang’s ruling of Tuesday, February 22, 2021, which was unsatisfactory to it.

In a statement on Wednesday titled ‘N69.4bn debt case between AMCON & Jimoh Ibrahim heads to court of appeal’, it said this was in a bid to recover a debt of nearly N70bn owed it by businessman, Jimoh Ibrahim.


Abang presided over the case involving AMCON; NICON Investment Limited (in receivership); Global Fleet Oil & Gas Limited (in receivership); Taiwo Lakanu (appointed receiver of NICON Investment Limited & Global Fleet Oil & Gas Limited and Jimoh Ibrahim; NICON Insurance Limited; Nigeria Re-Insurance Hotels Limited; Abuja International Hotels Limited and NICON Hotels Limited.

AMCON said the appeal was filed on the grounds that the trial court erred in law when the trial judge (Abang) neglected, ignored, failed, and or refused to consider the ruling of Honourable Justice Aikawa, which was delivered on November 4, 2020, in Suit No. FHC/L/CS/776/2016.


It stated that the Federal High Court presided over by Justice Aikawa reopened the proceeding in Suit No. FHC/L/CS/776/2016, which was earlier stayed by Justice Oguntoyibo as far back as October 2, 2019.

It said, “After the possessory order by Honourable Justice Aikawa on November 4, 2020, the appellants had approached the Federal High Court in the suit leading to the appeal to request for an order to protect the 1st appellant’s Receiver/Manager (ie, 4th Appellant) while receiving and managing the assets granted to the 1st plaintiff further to the possessory order of Honourable Justice Aikawa.

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