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Jimoh Ibrahim loses bid to recover assets, accounts over N69.4b ‘debt’

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The Court of Appeal in Lagos on Friday dismissed two appeals by the Chairman of Global Fleet Group, Jimoh Ibrahim and firms linked to him challenging the Asset Management Corporation of Nigeria (AMCON)’s seizure of his assets and freezing of all his accounts over his alleged N69.4billion debt.

The appellate court upheld the November 4, 2020 order of Justice Rilwan Aikawa of the Federal High Court authorising AMCON to take over Ibrahim’s assets.

The justices upheld the arguments of AMCON’s lead counsel, Dr Kemi Pinheiro (SAN), who prayed the court to dismiss Ibrahim’s application because it was incompetent.

Chief Niyi Akintola (SAN), is Ibrahim’s counsel, while Chief Bolaji Ayorinde (SAN) is for the second defendant, Global Fleet Group.

AMCON, following Justice Aikawa’s order, took possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners.

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

READ  Folawiyo seeks injunction against AMCON’s ex parte order, dissociates self from defaulting company

Other properties are the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another Property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.

In addition to the take over of the properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited all of whom are defendants in the suit No. FHL/L/CL/776/2016.

 

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N3bn fraud: Oyo-Ita, allies diverted public funds to private companies, EFCC witness tells court

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Hamma Bello, a prosecution witness, in the trial of Winifred Oyo-Ita, former head of service (HoS), has told a federal high court in Abuja how the first defendant and her subordinates allegedly diverted public funds into their private companies.

Oyo-Ita (first defendant) is being prosecuted by the Economic and Financial Crimes Commission (EFCC) alongside Ugbong Okon Effiok (seventh defendant), Garba Umar (fourth defendant), her special assistants, and six companies: Frontline Ace Global Services Limited; Asanaya Projects Limited; Slopes International Limited; U and U Global Services Ltd; Prince Mega Logistics Ltd and Good Deal Investments on 18-count charges bordering on misappropriation, official corruption, money laundering and criminal diversion of funds to the tune of over N3 billion.

While being led in evidence on Thursday by Faruk Abdullahi and H.M. Mohammed, prosecution counsel, Bello told James Omotosho, the presiding judge, that Oyo-Ita used Slopes International Limited and Good Deal Investments Limited, fifth and sixth defendants, respectively, to fraudulently award government contracts to herself through Umar.

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He said the first entry transaction of Good Deal Investment Ltd in February 2019 showed that money was paid into its Zenith Bank account to the tune of N42,748,201.47.

 

The witness said Umar incorporated the company with Oyo-Ita’s full knowledge.

 

“We called for the account statements of these two companies, upon analyzing them, we realized he (Umar) was paid several sums of money from the Ministry of Power, Works and Housing where he is an employee,” Bello told the court.

“And upon interviewing the fourth defendant, he admitted that he was also a contractor. He also admitted to have paid the first defendant on several occasions from the proceeds of the transaction.”

 

He further disclosed that on April 27, 2019, a transfer of N20, 227,1 42 was made in the name of one Ibrahim Madu to the Zenith Bank account of Asanaya Projects Ltd.

 

He added that the mandate card of the account bears the signature and photo of the seventh defendant, Effiok.

READ  EFCC arrests, detains new MD of First Bank Holdings, Nnamdi Okonkwo

The witness also said the seventh defendant incorporated Asanaya Projects Ltd in his name with the knowledge of the first defendant, noting that approvals were granted while payments were made to the seventh defendant either through his personal account or to the account of the company.

 

“The seventh defendant upon interview, confirmed he never travelled for most of the funds he received and that the first defendant was aware and benefitted on several occasions from the funds. The account of U and U Global Services Limited was also opened by the seventh defendant,” he said.

 

“In summary, from 2015 to 2018, U and U Global Limited received several payments in the form of Duty Tour Allowances and estacodes.

 

“Sometimes, payments from the federal government were made directly to the account, for instance, on March 24, 2016, he received N40,313,453.58. This particular payment was from the federal government.”

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Good morning! Here Are Some Major News Headlines In The Newspapers Today: Suleja jailbreak: FG orders manhunt for 109 fleeing inmates

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1. The Federal Government has ordered a comprehensive manhunt for 109 fleeing inmates of Suleja Medium Security Custodial Centre in Niger State. The inmates escaped on Wednesday night when a torrential rainfall pulled down the walls of the facility.

 

2. The All Progressives Congress, APC, yesterday proposed an all-inclusive government in Ondo State as a solution to its post-primary election crisis. The terms of reconciliation initiated by the National Working Committee, NWC, included the reconstitution of the State Executive Council and appointment of local government caretaker committee to reflect diverse interests.

 

3. The outcome of last year’s general elections reflected the will of Nigerians, the United States Department of State’s Bureau of Democracy, Human Rights, and Labour has said in a report. According to the report, many independent observers assessed the results of the presidential, legislative, and state-level elections during the year and concluded that they reflected the will of voters.

READ  Man allegedly kills dad for giving him head from a 'whole' chicken

 

4. Former Ondo State Deputy Governor, Agboola Ajayi yesterday won the governorship ticket of the Peoples Democratic Party, PDP, for the November election. Agboola was a candidate of the Zenith Labour Party, ZLP, in the 2020 election, but came a distant third.

5. A harmonised new minimum national wage may be ready on or before President Bola Tinubu’s first anniversary on May 29. A source in the office of the Secretary to the Government of the Federation (OSGF) which made this known to The Nation yesterday, said the new wage would meet the nation’s current economic reality.

 

6. Telecommunications operators in the country, including MTN Nigeria and Globacom, have asked for the Federal Government’s approval through the Nigerian Communications Commission to raise their tariff. The development came after foreign exchange losses and rising energy costs forced some of the operators to post losses last year.

 

7. The queues for Premium Motor Spirit, popularly called petrol, grew worse in Abuja and neighbouring Nasarawa and Niger states on Thursday, as the Nigerian National Petroleum Company Limited blamed the development on logistics issues, but was quick to state that it had been resolved.

READ  Mbaka apologises to Bishop, Catholic Church, says he was misunderstood

 

8. The Nigerian Navy said it has concluded arrangements to relocate the Naval Training Command headquarters from Lagos to Onne in Rivers State. The Chief of Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla disclosed this when he led a delegation of top officers of Navy High Command on a courtesy visit to the Rivers State Governor, Siminalayi Fubara, at Government House, Port Harcourt on Thursday.

 

9. The Edo State Police Command has arrested three pipeline vandals in the Obazagbon community of Orhiomwon Local Government Area. The suspects include Jackson Aluche, 45; Oke Okoro, 30 and Oluchukwu Chukwuma, 18. It was gathered that the incident occurred on April 14 at about 10:30 am.

 

10. The Nigerian military has closed its camp and withdrawn troops in Allawa community in Shiroro Local Government Area of Niger State, resulting in fear as residents fled the community over fear of attacks. Allawa community is one of the communities facing severe attacks by bandits and terrorists in Shiroro LGA of the state.

READ  Nigeria's D’Tigress beat Senegal to claim historic 4th consecutive Afrobasket title

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FCCPC to review new price hike of DStv, GOtv packages

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The Federal Competition and Consumer Protection Commission (FCCPC) says the recent price increases in MultiChoice cable subscriptions will reviewed by relevant stakeholders to ensure subscribers in Nigeria get value for their money.

 

The Acting CEO of FCCPC, Adamu Abdullahi, spoke exclusively to Channels Television on its Dateline Abuja programme on Thursday.

 

During the interview, he provided an update on the summons issued to the owner of a Chinese store in Abuja accused of discriminatory and sharp practices.

 

He also commented on the adherence to the order given to the Abuja Electricity Distribution Company, stating that sanctions are imminent for all verified infractions identified by the agency.

 

MultiChoice, a major satellite television service in Sub-Saharan Africa based in South Africa, recently announced fresh increases in prices on the DSTV and GOtv packages, saying the increase was necessitated by the rise in the cost of business operations.

 

According to the company, the increment would take effect on May 1, 2024.

READ  Nigeria's D’Tigress beat Senegal to claim historic 4th consecutive Afrobasket title

 

The Premium package on DSTV which used to cost N29,500, would now go for N37,000, while the Compact Plus which currently goes for N19,800, has been increased to N25,000.

 

See full list of price changes below:

DStv Package Old Price New Price (monthly)
Premium 29,500 37,000
Compact Plus 19,800 25,000
Compact 12,500 15,700
Confam 7,400 9,300
Yanga 4,200 5,100
Padi 2,950 3,600
HDPVR Access Service 4,000 5,000
Access Fees 4,000 5,000
XtraView 4,000 5,000

 

 

GOtv Package Old Price New Price (monthly)
Supa+ 12,500 15,700
Supa 7,600 9,600
Max 5,700 7,200
Jolli 3,950 4,850
Jinja 2,700 3,300
Smallie 1,300 1,575

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