The Federal High Court in Lagos, on Tuesday, declined an application by a businessman, Jimoh Ibrahim, seeking to reclaim his properties seized by the Asset Management Corporation of Nigeria over an alleged indebtedness of N69.4bn.

Rilwan Aikawa, the judge, held that the order, which he granted in November last year, subsists.

Mr Ibrahim, a lawyer, and his companies, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, had urged the court to set aside the order for “non-disclosure and misrepresentation of material facts”.

They further urged the court “to order AMCON to pay N50 billion indemnity for its alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact”.

Ruling on the application on Tuesday, Justice Rilwan Aikawa upheld AMCON’s argument that it made full and substantial disclosure of all material facts at the time of obtaining the orders on November 4, 2020.

Justice Aikawa adjourned till March 9 for further proceedings.