Jimoh Ibrahim, NICON to challenge AMCON takeover of assets - Newstrends
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Jimoh Ibrahim, NICON to challenge AMCON takeover of assets

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Senator Jimoh Ibrahim
NICON Investment and billionaire businessman Jimoh lbrahim are set to approach the court for an order quashing the interim injunction obtained by AMCON against them.
AMCON had in a statement last week said it had taken over Ibrahim’s assets over an unsettled N70 billion loans obtained from Union Bank.
AMCON listed the assets as the building of NICON Investment Ltd at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Ltd on Plot 557, Port-Harcourt Crescent, Off Gimbiya Street, Abuja and the building of NICON Lekki Ltd also on No. 5, Customs Street, Lagos.
Others are the building of Abuja International Hotels Ltd located on No. 3, Hospital Road, Lagos; another Property on Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi ExpressWay, 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.”
A report by The Nation said both NICON Investment and Ibrahim would plead before the court that the order granting AMCON possession of the assets was not properly obtained.
They are set to contend that AMCON did not avail the court of all the facts of the dispute between them.
Some of the questions they would want the court to answer are:
• How did AMCON secure a second interim injunction when the first injunction it obtained some years ago had allegedly been discharged?
• Did AMCON inform the court that on October 2, 2019 Justice Oguntoyinbo of the Federal High Court, Lagos, in a suit it instituted against NICON Investment and others, held that in view of the facts contained in the affidavit before the court, the court was minded to stay proceeding in the suit pending the outcome of the suit before a Lagos high court presided over by Justice Oyefeso?
NICON Investment and Ibrahim are wondering if judicial notice was taken of Justice Oguntoyinbo’s ruling in which he said “the lone issue formulated for determination by the court is hereby resolved against the plaintiff (AMCON) and in favour of the defendants (NICON INVESTMENT).”
A NICON Investment executive, in an interview with The Nation, wondered whether Justice Aikawa’s attention was drawn to Justice Oguntoyinbo’s order before the temporary order granting AMCON the possession of the assets was given.
He said, “In the High Court of Lagos before Justice Oyefeso, Union Bank, in her statement of defence filed in court, admitted that Jimoh had a deposit of over £137 million.
“The bank prayed the court as follows: ‘an order for the sale of the funds standing to the credit of the pound sterling fixed deposit account maintained by the 1st defendant to the counter claimant; the proceed of which shall be applied in liquidation or part liquidation of the judgment sum as may be awarded against 1st and 2nd defendant counter claimants.”
According to him, the £137 million with Union Bank is three times higher than the amount he and his companies borrowed from the bank.
Besides, he claimed the bank acknowledged another deposit of £125 million from another company of his, Global Fleet Oil and Gas Limited, making a total deposit of £250 million with it 10 years ago at five per cent interest.
“Out of the total deposit of £250 million with Union Bank, £137million was used to secure the loan, he said adding, who is owing who?” he asked.
Ibrahim and his company, the executive said, are upbeat that AMCON cannot sustain the interim order against him and his companies “because there is no returnable date on the court file.”
He also claimed that AMCON “did not sign an undertaking for a temporary injunction in the event that facts were misrepresented to the court as requested by the rules of the Federal High Court.”
According to him, Mr. Kemi Pinheiro (SAN), AMCON counsel in the new case had represented Union Bank in the suit before Justice Oguntoyinbo while Mr. Yusuf Alli (SAN), represented AMCON. Union bank, according to him, opposed AMCON joining the case at the Lagos High Court.

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Senate Reverses Controversial Standing Rules Amendment

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Senate plenary

Senate Reverses Controversial Standing Rules Amendment

The Nigerian Senate on Thursday rescinded its earlier amendments to Orders 2(2) and 3(1) of the Senate Standing Orders 2023 (as amended), restoring the previous provisions after lawmakers raised constitutional concerns over the revised rules.

The decision followed growing debate within the Red Chamber over amendments that sought to restrict eligibility for principal leadership positions to senators serving at least a second term in office.

Under the now-reversed amendment, only lawmakers currently serving in the 10th Senate and re-elected in the 2027 elections would have been qualified to contest for principal officer positions in the upper chamber.

The controversial changes had triggered criticism from some senators who argued that the amendment could unfairly exclude first-term lawmakers and limit internal democratic competition within the Senate leadership structure.

The motion for rescission and recommittal of the affected rules was moved during plenary by Senate Leader, Senator Opeyemi Bamidele (Ekiti Central), and seconded by Minority Leader, Senator Abba Moro (Benue South).

Bamidele explained that further legislative and constitutional reviews revealed that aspects of the amendment could conflict with provisions of the 1999 Constitution, particularly Section 52, making immediate correction necessary.

According to him, the Senate retains the constitutional authority to revisit and rescind previous decisions in order to safeguard legislative integrity and parliamentary convention.

He stressed that the upper chamber must ensure that all internal procedures remain consistent with constitutional provisions and democratic legislative practice.

Following deliberations, the Senate formally rescinded the amendments and restored the earlier standing rules governing eligibility for leadership positions.

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Deputy Senate President, Senator Jibrin Barau, who presided over the plenary session, described the motion as straightforward and essential for maintaining constitutional compliance.

“This is a very straightforward motion; it’s just for us to go in conformity with the constitution,” Barau said.

He commended Bamidele for identifying the constitutional issues surrounding the amendment and moving swiftly to correct them.

According to Barau, the matter was clear enough not to require prolonged debate on the Senate floor.

Former Edo State Governor and Senator representing Edo North, Adams Oshiomhole, however, criticised the manner in which the original amendments were passed earlier in the week.

According to him, the Senate leadership rushed the process without allowing sufficient debate among lawmakers.

“The way we rushed the rules, because certain people wanted certain things concluded, is one flaw to this process,” Oshiomhole stated.

“Next time, we should allow for robust debates,” he added.

His comments reflected concerns among some lawmakers over transparency and inclusiveness in handling major procedural decisions within the Senate.

Responding to Oshiomhole’s remarks, Bamidele raised a point of order under Rule 52(6), cautioning senators against reopening concluded matters without first presenting substantive rescission motions.

According to him, lawmakers dissatisfied with previous decisions should follow established parliamentary procedures rather than creating avoidable tension during plenary.

“If Distinguished Senator Oshiomhole had any problem with the decisions that were taken with respect to the amendment two days ago, what he was expected to do was to bring a substantive motion for rescission,” Bamidele said.

He also lamented that events during the previous plenary session had diverted public attention away from substantive legislative work.

“What became the news out of this hallowed chamber was that unnecessary drama, and we are not going to allow this to continue,” he added.

In a related development, the Senate also rescinded its earlier decision on the National Identity Management Commission (NIMC) Establishment Bill, 2026, and recommitted the bill to the Committee of the Whole for reconsideration.

Bamidele explained that a further review of the legislation revealed drafting inconsistencies and substantive issues affecting several clauses of the bill.

He specifically cited concerns relating to clauses 4(6), 8(j), 35–40, as well as portions of the explanatory memorandum accompanying the legislation.

After reconsideration, the Senate subsequently passed the revised bill.

Political analysts say the Senate’s reversal of the controversial standing rules highlights growing sensitivity around internal leadership arrangements ahead of the 2027 elections.

Observers also note that the swift reversal demonstrates increasing caution within the National Assembly over actions that could trigger constitutional disputes or internal division within the ruling political establishment.

The latest development further underscores ongoing power dynamics within the Senate, especially as lawmakers begin positioning for future leadership contests and political realignments ahead of the next electoral cycle.

Senate Reverses Controversial Standing Rules Amendment

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FG Begins Construction Plans for Modern Carter Bridge in Lagos

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Carter Bridge in Lagos

FG Begins Construction Plans for Modern Carter Bridge in Lagos

The Federal Government under President Bola Tinubu has officially handed over the construction of a new Carter Bridge in Lagos to the China Civil Engineering Construction Corporation (CCECC) as part of efforts to strengthen critical infrastructure and improve transportation safety in the state.

Minister of Works, Engr. David Umahi, disclosed this during the handover ceremony held at Carter Bridge, Lagos Island, on Wednesday.

Umahi said the project followed extensive structural investigations which uncovered serious defects beneath both Carter Bridge and the Third Mainland Bridge.

According to the minister, an initial underwater structural assessment carried out in 2013 under a previous administration revealed disturbing defects affecting the bridges’ foundation systems.

“The past administration commissioned investigation of what was happening with the structural elements below the water, and that was in 2013. Very disturbing defects were noticed in Carter Bridge and Third Mainland Bridge,” Umahi said.

He explained that another investigation conducted in 2019 showed that the structural defects had deteriorated further, prompting the Tinubu administration to engage geologists, marine engineers and specialist divers after assuming office.

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Umahi revealed that findings from the latest assessment confirmed that some piles supporting the bridges had shifted from their pile caps, raising concerns over the long-term safety and stability of the structures.

According to him, consultations were subsequently held with bridge engineers, lawmakers and international infrastructure experts before the Federal Government concluded that constructing a new bridge would be more economical and sustainable than attempting extensive repairs.

The minister stated that experts advised that rehabilitating the existing structure could cost nearly twice the amount required to build a new bridge entirely.

Umahi disclosed that part of the proposed structure would be designed as a modern cable-stayed bridge to improve aesthetics and support maritime navigation activities around Lagos waterways.

“We decided that a section of this Carter Bridge will be a cable bridge. You see the cable bridge we see overseas, very beautiful, and that is to enhance our navigational activities,” he stated.

He praised President Bola Tinubu for prioritising infrastructure development, describing him as a “president of infrastructure.”

According to Umahi, the Federal Government will provide 30 per cent counterpart funding for the project, while the remaining 70 per cent will be sourced through external financing arrangements.

The minister explained that seven construction firms were invited to bid for the project, while six companies eventually submitted bids, including Julius Berger Nigeria.

He said the Bureau of Public Procurement, BPP, recommended China Civil Engineering Construction Corporation (CCECC) after emerging as the most technically and commercially viable bidder.

“The CECC was technically and commercially most viable. That’s why the BPP recommended them and the Federal Executive Council approved the project award,” Umahi added.

The minister directed CCECC to immediately mobilise to the project site, stressing that the government would closely monitor the pace and quality of execution.

He also announced that one carriageway of Eko Bridge would be temporarily shut down from Sunday to allow ongoing infrastructure rehabilitation works in Lagos.

The planned new Carter Bridge project is expected to complement existing transport infrastructure in Lagos and reduce pressure on key routes linking Lagos Island to the Mainland.

Carter Bridge remains one of Lagos’ busiest transport corridors, connecting Iddo, Ebute Metta and Lagos Island while serving thousands of commuters daily.

The development comes amid several major federal infrastructure projects currently ongoing in Lagos, including the Lagos-Calabar Coastal Highway, rehabilitation of the Third Mainland Bridge and expansion of key road networks across the state.

FG Begins Construction Plans for Modern Carter Bridge in Lagos

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Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments

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Senate President Godswill Akpabio and Senator Adams Oshiomhole
Senate President Godswill Akpabio and Senator Adams Oshiomhole

Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments

The Nigerian Senate crisis deepened on Wednesday after a heated confrontation between Senate President Godswill Akpabio and Senator Adams Oshiomhole disrupted plenary proceedings for over 15 minutes.

The tense exchange occurred during the routine consideration of the Votes and Proceedings from Tuesday’s sitting. Trouble began when Oshiomhole (APC, Edo North) abruptly raised a point of order while Akpabio was reading the official record.

Citing the Senate Standing Orders 2023 (as amended), Akpabio ruled him out of order, explaining that such interruptions are not permitted at that stage of proceedings. However, Oshiomhole insisted on being heard, challenging the interpretation of the rules and triggering a Senate plenary disruption.

In a bid to restore order, Akpabio called on former Chief Whip Orji Uzor Kalu to clarify the procedural position. Kalu backed the Senate President, stating that the rules clearly prohibit such interruptions.

The situation escalated further when Chief Whip Tahir Monguno warned that disciplinary measures could be invoked if the disruption continued. Despite this, Oshiomhole remained defiant, citing Order 20(f) and stressing that lawmakers must fully understand the rules guiding legislative business.

A visibly displeased Akpabio issued a stern warning, stating, “We should not just go home, buy forms and come here without knowing the rules,” before cautioning that the Senate would not hesitate to enforce discipline if necessary.

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Calm was eventually restored, allowing the Senate President to complete the reading. Senator Adamu Aliero subsequently moved a motion for adoption, seconded by Senate Minority Leader Abba Moro.

The confrontation is widely linked to the controversial Senate rule amendment adopted a day earlier, which has sparked intense debate within Nigeria’s political space ahead of the 2027 elections. During a closed-door session lasting nearly three hours, lawmakers amended key provisions—Orders 4 and 5—effectively tightening eligibility criteria for leadership positions in the National Assembly.

Under the revised rules, only senators who have served at least two consecutive terms immediately before nomination will be eligible to contest for positions such as Senate President and Deputy Senate President. This new Senate eligibility rule significantly narrows the pool of contenders.

The amendment also reinforces the principle of ranking, prioritising former presiding officers and experienced lawmakers over first-time entrants. Additionally, Order 5 now requires that any senator seeking a principal office must have completed two consecutive terms prior to nomination.

The implication is clear: only returning members of the current Senate who secure re-election into the next Assembly will qualify for top leadership roles, effectively excluding many new and returning political heavyweights.

The Nigeria Senate controversy has raised concerns about inclusiveness and internal democracy. While Senate leadership argues the changes will strengthen institutional memory and ensure stability, critics believe the move could consolidate power among a select group of ranking lawmakers.

Oshiomhole is reported to have been among the few senators who openly resisted the amendments, making Wednesday’s clash a continuation of deeper disagreements within the chamber.

Observers say the incident signals early 2027 election power struggle dynamics, with growing tensions over succession, leadership control, and legislative procedure already playing out in the Red Chamber. As debates continue, the episode underscores broader concerns about transparency, fairness, and the balance of power in Nigeria’s legislative process.

Senate Erupts as Akpabio, Oshiomhole Clash Over Controversial Rule Amendments

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