The Court of Appeal sitting in Abuja has ruled that the contempt proceedings initiated by businessman Jimoh Ibrahim & Co against the Asset Management Corporation of Nigeria (AMCON) should be stayed pending the hearing and determination of the substantive appeal.
The ruling was contained in Appeal No. CA/ABJ/CV/269/2022 in the case between the Asset Management Corporation of Nigeria (AMCON) vs Barrister Jimoh Ibrahim over alleged N69.4 billion debt.
The application for stay was argued on behalf of AMCON by their defence counsel A.U. Mustapha SAN & Co on March 30,
The matter between Ibrahim and AMCON has been interminable since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank in the early days of AMCON.