Jimoh Ibrahim, Chairman of Global Fleet Group, had two appeals dismissed by the Lagos Division of the Court of Appeal, challenging the Asset Management Corporation of Nigeria’s seizure of his assets and freezing of his bank accounts in connection with an alleged N69.4 billion debt.
On Friday, the appellate court upheld Justice Rilwan Aikawa’s judgment from the Federal High Court in Lagos, allowing AMCON to confiscate Mr Ibrahim’s assets on November 4, 2020.
Dr. Kemi Pinheiro (SAN), AMCON’s lead lawyer, argued that Ibrahim’s motion was incompetent and that the court should dismiss it. The justices unanimously agreed.
On November 4, 2020, AMCON obtained an ex-parte order against Nicon Investment Limited, Global Fleet Oil & Gas Limited, and Jimoh Ibrahim through Pinheiro, freezing their accounts in different banks and attaching their various properties.