AMCON Seizes Jimoh Ibrahim’s Assets Over N69.4bn Debt
The Asset Management Corporation of Nigeria announced on Wednesday that it had taken possession of 12 assets belonging to Mr Jimoh Ibrahim, the chief promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited, in Lagos and Abuja over a N69.4bn debt owed to the corporation.
AMCON said in a statement that the takeover followed an order of Justice R.M. Aikawa of the Federal High Court, Lagos Division.
It said it took possession on Wednesday of the 12 properties through its debt recovery agent, Pinheiro Legal Partners.
According to the statement, the properties 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; the building of NICON Lekki Limited at No. 5, Customs Street, Lagos; the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; and a property at Plot 242, Muhammadu Buhari Way, Abuja.
Others are 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, and NICON Luxury Hotel’s building, Garki I, FCT, Abuja.
AMCON said, “In addition to the takeover of the listed properties, the court also ordered the freezing of all accounts belonging to Barrister Jimoh Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited all of who are defendants in the Suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa on Wednesday November 4, 2020.
“The court also granted AMCON possession over all shares belonging to the embattled Barrister Jimoh Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.”
The statement said the matter between Ibrahim and AMCON had been interminable since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Assets purchases from Union Bank in the early days of AMCON.
It said since the purchase of the EBA from Union Bank, AMCON had offered the obligor incredible exit opportunities to no avail.