The Federal High Court, Lagos Division, has granted an interim injunction against NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim on the application of the Asset Management Corporation of Nigeria (AMCON).
Justice Saliu Saidu, while granting the order on the application of Mr. Yusuf Ali SAN, counsel to AMCON, restrained NICON Investment Limited, Global Fleet Oil and Gas Limited and Barr. Ibrahim from dealing with any assets or funds of the company.
When, this reporter visited Nicon Luxury Hotel in Abuja, one of the key assets of Barr. Ibrahim, AMCON had already placed its notice informing the general public of the taking over of the premises by order of the court.
Some staff of the hotel were seen congratulating themselves over the court pronouncement but when approach by our reporter for comments on the issue they declined. However, normal activities were taking place in the hotel at the time of visit.
The court also made an order freezing all the bank accounts of the above named companies and their promoter, Barr. Ibrahim until the matter was finally determined. The court order covers the assets of NICON Investment Limited, Global Fleet Oil and Gas Limited and Barr. Jimoh Ibrahim in Abuja, Lagos, Dubai and London.
A statement from AMCON said the freezing order also affected all bank accounts held and or maintained by NICON Investment Limited, Global Fleet Oil and Gas Limited and Barr. Jimoh Ibrahim in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, City Bank Nigeria Ltd and Sterling Bank Plc.
Others are Ecobank Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Plc, Heritage Bank Limited, Keystone Bank Limited, Skye Bank Plc, Stanbic IBTC Bank Plc, Sterling Bank Plc, Zenith Bank Plc, Union Bank of Nigeria Plc and Unity Bank Plc.
The court also ordered the freezing of all the bank accounts to which Barr. Ibrahim was a signatory, either alone or with any other person in NICON Investment Limited, Global Fleet Oil and Gas Limited in any of the banks and financial institutions on the list.
AMCON was also granted the possessory order to take over Jimoh Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.
The trio of NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim owe AMCON over N50 billion, which have become subject of protracted negotiations and court battles as a result of their inability to repay the debt. But with AMCON’s debt recovery efforts in full swing, the corporation yesterday took over the assets of Barrister Jimoh Ibrahim in both Abuja and Lagos.
It could be recalled that 400 obligors of AMCON account for more than N4.5 trillion, which is approximately 80 per cent of the total outstanding loan balance of the corporation’s over 12,000 accounts have become recalcitrant over time despite all efforts of the corporation.
Effort to get the reaction from Barr. Ibrahim probed abortive up till press time.