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AMCON freezes Jimoh Ibrahim’s accounts, seizes assets over N69bn debt

AMCON freezes Jimoh Ibrahim’s accounts, seizes assets over N69bn debt
November 18
21:45 2020

The Asset Management Corporation of Nigeria (AMCON) says it has seized assets belonging to Jimoh Ibrahim, a Nigerian businessman, over a N69.4 billion debt.

Bank accounts belonging to Ibrahim and his companies, including Global Fleet Oil & Gas Limited and NICON Investment Limited, were also frozen, a statement released by AMCON on Wednesday said.

Assets taken over by Pinheiro Legal Partners, AMCON’s debt recovery agent, 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 and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.

Others are 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 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 as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.


R.M. Aikawa, a justice of the federal high court in Lagos, also granted AMCON possession of all shares belonging to 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.

Jude Nwauzor, AMCON’s spokesperson, confirmed that all the assets that are listed by the court have been successfully taken over with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.

Nwauzor explained that no incidents were recorded during the enforcement activities at all the locations.


“The matter between Barrister Jimoh Ibrahim and the corporation 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,” the statement read.

“Since the purchase of the EBA from Union Bank, AMCON has offered the obligor incredible exit opportunities to no avail. And as is tradition, AMCON has for years explored all avenues to resolve the debt amicably, but Barrister Jimoh Ibrahim and his companies – Global Fleet Oil & Gas Limited and NICON Investment Limited, have remained recalcitrant and unenthusiastic to repay the huge debt, which has left AMCON with no other choice than to activate the full force of its amended Act, signed into law last year by President Muhammadu Buhari.”

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