Alleged N69 Billion Debt: Court fixes May 25 to hear AMCON’s motion against Jimoh Ibrahim


A Federal High Court in Abuja has fixed May 25, 2021, to hear a motion brought by the Asset Management Corporation of Nigeria (AMCON), seeking a stay of execution of orders it granted a businessman, Jimoh Ibrahim, over alleged N69billion debt.

The new date was fixed following an announcement by the registrar of the court that the trial judge, Justice Okon Abang is unavailable for the day’s proceeding. AMCON, through its lawyer, Ade Adedeji, had indicated his readiness to appeal the orders made in favour of Ibrahim and his companies by Justice Abang by filing a motion for stay of execution before the court.

Justice Abang had, on February 22 vacated the orders obtained by AMCON in aid of Taiwo Lakanu, the receiver/manager, it appointed to manage the assets of two seized companies owned by Mister Ibrahim over alleged N69 billion debt. The seized companies are NICON investment limited and global fleet oil and gas limited.

Justice Abang, in the ruling, held that it was an order made without jurisdiction because there was a subsisting order by a court differently constituted on the matter. He further said that AMCON misled the court by withholding material facts from the court to obtain the interim ex-parte order.


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