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Alleged Debt: AMCON, Jimoh Ibrahim Agree To Settle Out Of Court


 A Federal High Court in Lagos on Monday discharged an interim order granted the Asset Management Corporation of Nigeria (AMCON), to take over assets of business mogul, Jimoh Ibrahim, over alleged indebtedness.

Justice Abdulazeez Anka set aside the ex-parte order following an application by counsel to AMCON, Yusuf Ali (SAN), that parties were exploring settlement options.


A sister court, presided by Justice Saliu Saidu had on June 14 granted the interim order against NICON Investment, Global Fleet Oil & Gas and Ibrahim, over an alleged N50 billion indebtedness.

However, NICON Insurance Ltd, Nigeria Re-Insurance Hotels Ltd, Abuja International Hotels Ltd and NICON Hotels Ltd had in a Motion on Notice, by their lawyers led by Niyi Akintola (SAN), and Chief Bolaji Ayorinde (SAN) prayed the court to discharge the order.

They had argued that AMCON deliberately failed to make full disclosure of all material facts before the court.

At the resumed hearing of the applications to discharge the order on Monday, AMCON’s counsel,

Ali, told the court that parties have decided to meet and discuss settlement and then report back to court within two weeks.

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