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Justice Okon Abang of a Federal High Court in Abuja on Monday set aside his order made on January 4, directing the Asset Management Corporation of Nigeria (AMCON) to take over the assets belonging to a businessman, Jimoh Ibrahim, over alleged N69.4 billion debt.

Justice Abang set aside the order on the grounds that the applicant (AMCON) had concealed facts relating to the case to obtain an interim order to take over Ibrahim’s property.

The court, had in a ruling on an exparte application by AMCON on January 4, granted leave to AMCON to seize some assets belonging to Ibrahim in order to recover the said N69.4 billion debt.

But the defendants which include Ibrahim, his firms — NICON Investment Ltd and Global Fleet Oil and Gas Ltd — had in another application prayed the court to set aside the order on grounds of “non-disclosure and misrepresentation of material facts”.


In his ruling on the application, Justice Abang agreed with the defendants that AMCON concealed facts which robbed his court of any jurisdiction to hear the matter.

According to the judge, the ruling of a Federal High Court in Lagos delivered in 2016 which restrained AMCON from taking over the defendant’s property pending the final determination of the matter, is still subsisting and has neither been appealed against nor vacated, hence his order of January 4, 2021 is a nullity.

Abang further held that all consequent orders he made on January 4 regarding AMCON’s exparte application for the seizure of Ibrahim’s assets over the alleged N69.4 billion debt are vacated.

He also held that the parties in the suit will, at the next adjourned date, address him on whether he has jurisdiction or not to go ahead with the case.

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