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Court vacates order to seize Jimoh Ibrahim’s companies

12 July 2016, 21:41

Abuja - The Federal High Court in Lagos on Monday vacated the interim order granted to the Assets Management Corporation of Nigeria (AMCON) to take over some assets belonging to businessman, Jimoh Ibrahim, over his alleged indebtedness to the corporation, Thisday reports.

Justice Abdulazeez Anka set aside the ex-parte order following an application by AMCON’s lawyer, Yusuf Ali (SAN) that the parties in the suit had decided to explore an amicable settlement of the dispute.

Justice Saliu Saidu had on June 14, 2016, granted AMCON an interim injunction against NICON Investment Limited, Global Fleet Oil & Gas Limited and Ibrahim.

But NICON Insurance Limited, Nigeria Re-Insurance Hotels Limited, Abuja International Hotels Limited and NICON Hotels Limited had in a motion on notice filed by their lawyers led by Niyi Akintola (SAN) and Bolaji Ayorinde (SAN) prayed the court to set aside the ex-parte order on the grounds that AMCON deliberately failed to make full disclosure of all the material facts before the court.

At the resumed hearing of the applications to vacate the ex parte order on Monday, AMCON’s lawyer told the court that since the provisions of the Federal High Court rules encourage amicable settlement of disputes, the parties had decided to meet and report back to court within two weeks.

It would be recalled that the Federal High Court in Lagos according to News24 quashed the Share Purchase Agreement (SPA) which transferred ownership of Newswatch Communications Ltd to Jimoh Ibrahim.

Respondents in the suit are Newswatch Communications Ltd, Global Media Mirror Ltd, Jimoh Ibrahim, Newswatch Newspapers and the Corporate Affairs Commission.

- News 24


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