Business
AMCON seizes Jimoh Ibrahim’s properties, freezes accounts over N69.4bn debt
BY NICHOLAS ABE
The Asset Management Corporation of Nigeria (AMCON) says it has taken possession of 12 prime properties belonging to businessman Jimoh Ibrahim, the chief promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited in Lagos and Abuja, over a N69.4 billion indebtedness.
AMCON said the take-over was in compliance with a court order issued by Justice R.M. Aikawa of the Federal High Court, Lagos Division.
The same court, under a different judge, had in June 2016 issued an interim order, restraining NICON Investment Limited, Global Fleet Oil and Gas Limited and Mr Jimoh Ibrahim from dealing with any assets or funds belonging to NICON Investment, Global Fleet Oil and other assets.
However, the order was lifted some three weeks after, following an application by counsel to AMCON, Yusuf Ali (SAN), that parties were exploring settlement options.
The corporation in a statement Wednesday by its spokesman, Jude Nwauzor, said of the present order: “In compliance to the enforcement order of the court, AMCON on Wednesday, November 18, 2020, took effective possession of all twelve properties through its debt recovery agent – Pinheiro Legal Partners, which include the following: 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 and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.
“The rest include the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Expressway, Apapa, 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.
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“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 overall 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 (NSL) and NICON Trustees Limited.”
Nwauzor said all the assets listed by the court and scattered around Abuja and Lagos have been successfully taken over on Wednesday, by AMCON, with the help of court bailiffs and the police, as mandated by the court. He added that no incidents were recorded during the enforcement activities at all the locations.
According to the AMCON spokesman, the corporation had offered Ibrahim “incredible exit opportunities to no avail”, as well as explored all avenues to resolve the debt amicably, but the obligor and his companies had “remained recalcitrant and unenthusiastic to repay the huge debt”, leaving AMCON no other choice than to activate the full force of the law.
“The amended AMCON Act provides the Corporation with additional powers to deal decisively with its pile of ‘monstrous obligors’ that have remained untouchable for years and hiding under some legal technicalities to avoid repayment of their loans,” AMCON said in the statement.