The Assets Management Corporation of Nigeria says some of the properties it seized from businessman, Jimoh Ibrahim, pursuant to a November 4 court order, were met in a deplorable state, with some of them abandoned and being occupied by hoodlums.
AMCON obtained the November 4, 2020 interim order to seize about 12 properties from Ibrahim and his firms, Nicon Investment Limited and Global Fleet Oil and Gas Limited, in a bid to recover an alleged N69.4bn debt.
But Ibrahim and the firms have gone back to court with an application seeking to set aside the seizure order and recover the properties.
Conversely, AMCON filed a counter-affidavit in opposition.
A lawyer in AMCON’s legal department who deposed to the counter-affidavit filed by the corporation, Imelda Raheem, as part of the reasons why the properties should not be released to the defendants, said AMCON met the properties in an abandoned and deplorable state.
Raheem claimed that AMCON feared that with the deplorable state in which the properties were met on November 18, 2020, if the seized properties were returned to Ibrahim, their value would be eroded and AMCON might eventually find it impossible to recover the N69.4bn debt if it eventually gets a favourable judgment.
Raheem said, “At the time of execution of the order made on the 4th day of November, 2020 on the 18th day of December, 2020, the 3rd defendant’s (Ibrahim’s) property at Road 2 House A14 VGC, Lagos was being occupied by destitute, homeless persons and some hoodlums who posed a threat to neighbours in the estate.
“The 3rd defendant’s property at Road 2 House A14 VGC, Lagos has been abandoned by the 3rd defendant and is currently depreciating in value as it appears the main building has not been occupied by anyone for several years.”
According to Raheem, it was the same story for Nicon Investment Limited’s building at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; Nicon Hotels Limited’s building, Plot 557, Port Harcourt Crescent, off Gimbiya Street, Abuja; Nicon Lekki Limited’s building, No. 5, Customs Street, Lagos; Nicon building, No. 40, Madeira Street, Maitama, Abuja; a residential apartment, at Road 2, House A14, Victoria Garden City, Lagos; Nicon Hotels Building, Plot 3, Road 3, Victoria Garden City, Ajah, Lagos and Nicon Luxury Hotel’s building, Garki 1, Abuja.
He said, “All the properties were in a deplorable state at the time the plaintiff took over possession. For example, Nicon House at 5 Customs Street, Lagos which is a highrise building was abandoned with hoodlums and touts within the Marina axis using it for car park and nothing more.
“Nicon Hotels building, Plot 3, Road 3, Victoria Garden City, Ajah, Lagos was also occupied by unknown persons who had taken over the premises as the premises was not being occupied.
“At the time the plaintiff took over possession of the Nicon Investment Limited’s building at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja, the building was in a dilapidated state with apparent cracks on the walls which pose a great danger.
“I know as a fact that all the properties subject of the order made on the 4th day of November, 2020 were either deteriorating, unoccupied, abandoned or in a deplorable state and AMCON was concerned about the fall in value in the event of a favourable judgment.”
But Ibrahim and his firms are contending 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.
They urged the court to set aside the order for “non-disclosure and misrepresentation of material facts.”
Justice Rilwan Aikawa has adjourned till January 12, 2021 for ruling.
Credit: The Punch
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