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Jimoh Ibrahim Seeks Reversal Of Assets Seized Over Alleged N69.4bn Debt

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The Federal High Court sitting in Lagos has fixed Tuesday to hear an application by businessman, Jimoh Ibrahim, seeking to set aside an interim order which authorised the Asset Management Corporation of Nigeria () to take over his properties over an alleged N69.4 billion debt.

Justice Rilwan Aikawa adjourned the case on Monday after hearing arguments from Mr Ibrahim’s counsel and a Senior Advocate of Nigeria (SAN), Niyi Akintola.

The judge had made the seizure order in a ruling on November 4 while AMCON announced on November 18 that it had effectively taken over 12 properties belonging to the businessman and his firms.

The properties include the NICON Investment Limited building (Plot 242, Muhammadu Buhari Way, Central Business District, Abuja), NICON Hotels Limited building (Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja), and the building of NICON Lekki Limited (No 5, Customs Street, Lagos).

AMCON’s action is against Ibrahim, NICON Investment Limited, and Global Fleet Oil and Gas Limited.

Displeased with the seizure of his assets, Ibrahim and his firms, through Akintola, approached the court with a motion on notice, seeking to discharge the interim seizure order.

They contended that the court made the seizure order in error because AMCON allegedly concealed material facts in its ex-parte application leading to the seizure order.

The applicants urged the court to set aside the order for “non-disclosure and misrepresentation of material facts.”

They also prayed the court to order AMCON to pay them N50 billion indemnity for their alleged “failure to conduct due diligence before obtaining the said order sought to be set aside and for misrepresentation and concealment of fact.”

Ibrahim and others described the move by AMCON leading to the seizure order as an abuse of court processes.

But AMCON, through its lawyer and SAN, Kemi Pinheiro, vehemently opposed the defendants’ motion on notice and prayed the court to dismiss same.

A lawyer in AMCON’s legal department, Imelda Raheem, said, “The plaintiff, at the time of obtaining the orders on the 4th day of November, 2020, made full and substantial disclosure of all material facts in relation to the subject matter of this suit.”

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Bismarck Rewane resigns as a director from the Board of Guinness Nigeria Plc

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Bismarck Rewane

The Board of Guinness Nigeria Plc has announced the resignation of Mr Bismarck Jemide Rewane.

This announcement was made in a notification issued by the Company Secretary, Mr. Rotimi Odusola.

According to Mr Odusola, the resignation of Mr Rewane as a Non-Executive Director on the Board of Guinness Nigeria Plc became effective on 31st December 2020.

Mr. Rewane was appointed to the Board of Guinness Nigeria Plc as a Non-Executive Director in 2008. Until his resignation, he served as the Chairman of the Finance, Audit and Risk Committee of the Board.

However, it is important to note that as of 30th June 2020, he owns 36,384 ordinary shares of Guinness Nigeria Plc, worth N691,296.

The Board of Guinness Nigeria extended its appreciation to the outgoing Director, for his leadership, focus and commitment to the success of the Company and wishes him the best in his future endeavours.

About Mr Bismarck Rewane

  • Bismarck Rewane was also with the First National Bank of Chicago, Barclays Bank of Nigeria and Barclays Bank International Plc, United Kingdom. An Associate of the Institute of Bankers, England and Wales.
  • Mr. Rewane has served on the Board of several organisations, including Navgas (a Vitol Group subsidiary); NLNG Prize Award Foundation; UNIC Insurance Plc, Nigeria; Economic Summit Group; UBA Custodian Limited; Virgin Nigeria Airways Limited; Fidelity Bank Plc; First City Monument Bank Plc; and Top Feeds Nigeria Limited.

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Traders Count Loses In Lagos Plank Market Fire

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With millions of goods and items burnt to ashes, the inferno which engulfed a plank market in Lagos on Sunday has added salt to the financial injuries which COVID19 has already inflicted on many businesses in Nigeria and around the world.

No human loss has been recorded in the fire at Ketu Plank Market on Demurin Street, Ketu, Lagos though almost every structure was razed down.

LASEMA Response Team and the Lagos State Fire Service who responded to the emergency are yet to give release an official statement on the actual cause of the fire.

Traders told newsmen that over 20 sawing machines, generating sets, several bundles of planks and foams were destroyed.

One of the traders who reportedly lost several bundles of foams worth millions of naira was said to be hospitalized when our correspondent visited.

A trader, Abifarin Lateef aka Sanjay said the fire started at 10:00 a.m, stating that he was at home when he received a call about the fire incident at exactly 10:33 am.

He disclosed that the impact of the fire would reduced if it had happened on a working day.

“We could not salvage anything. All our goods such as planks, foams, sawing machines are all gone. We have been rendered helpless. Where do we start from? By our estimate, what we lost here is more than N200m. We would appreciate any form of assistance from government,” he said.

He also commended the emergency responders, saying four firefighting trucks were mobilized to quench the fire which prevented the inferno from spreading to residential buildings.

Another trader said he lost three sets of chairs, several 6×6 beds to the inferno.

Director-General of the LASEMA, Dr. Olufemi Oke-Osanyitolu also confirmed that the fire caused “extensive damage with valuable goods having been destroyed.”

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