Business
Jimoh Ibrahim owes us N70bn – AMCON
Asset Management Corporation of Nigeria (AMCON) says business man Barrister Jimoh Ibrahim is owing it a whopping N70 billion.
To recover this humungous sum, AMCON had following the order of the court taken over some assets and properties belonging to the business man.
The federal government debt recovery agent had in addition sacked and reconstituted the board and management of two of the companies seized from Ibrahim, NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).
The take over and subsequent leadership change in the two organisations led to another round of litigation instituted by Ibrahim, culminating in a Federal High Court order of August 16, 2021, for the litigants to maintain the status-quo-ante until September 8, 2021, when the court will hear all pending applications in the matter.
“Jimoh Ibrahim’s current indebtedness to AMCON stands at nearly N70billion,” said Jude Nwauzor, Head, Corporate Communications of AMCON, in a statement issued Thursday, as he moved to shed light on what he termed “false narrative spreading on social media”.
Nwauzor further explained: “The matter between Barrister Jimoh 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.
“AMCON and BPE, on July 21, received approval from the National Insurance Commission (NAICOM) to constitute a new board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re). The change was to enhance the smooth running, efficient and effective management of the two firms previously owned by the recalcitrant debtor and businessman.
READ: AMCON seizes Jimoh Ibrahim’s properties, freezes accounts over N69.4bn debt
“The reason for the changes in the board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations, and the Bureau for Public Enterprises (BPE) who worked in partnership with AMCON to bring the much-needed stability in the operation of the organisations.
“AMCON also made it clear that the reconstitution of the board and management team of the two insurance institutions in Nigeria was to ensure that the firms continue in their quest for transparent and accountable management of insurance in the country and continue to deliver value to its stakeholders. After the constitution of the boards, Jimoh Ibrahim belatedly approached the court to obtain an order seeking to stop AMCON from constituting the boards of the two insurance firms.
“But when the case came up for hearing on Monday the 18th (16th) of August, the Judge ruled that all parties maintain the status quo until September 8, which was agreed by both the counsel to Jimoh Ibrahim and co, C.I. Okpoko, SAN and counsel to AMCON A.U. Mustapha, SAN. This, the Court took note of in its ruling on the application for adjournment and directed that all parties maintain the status quo as at date, pending the determination of the applications on September 8, when arguments will be heard on the motion on notice with a possible ruling.
According to the AMCON’s spokesman, “The implication is that AMCON is still in charge of all assets of Jimoh Ibrahim and his companies including NICON Insurance Limited and Nigeria Reinsurance Corporation over their heavy indebtedness to AMCON, following earlier court rulings, which gave AMCON the power to take over the assets ab-initio. It was also from the courts that AMCON derived the power with which it appointed the Receiver Managers over some of the companies and assets belonging to the recalcitrant debtor.
“It is unfortunate that Jimoh Ibrahim and his cohorts have continued to show wanton disregard to the court directive. They have been misinforming the general public by mischievously misinterpreting the court resolution. They have used thugs to physically break into the companies’ premises, to misappropriate documents and assets, and have had the audacity to parade themselves as the legitimate management in these companies.”