Jimoh Ibrahim: AMCON takes over firms, property, accounts

A  Federal High Court in Lagos has given AMCON the power to take over Jimoh Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

The court order also  covers the assets of NICON Investment Limited, Global Fleet Oil & Gas Limited and Barrister Jimoh Ibrahim in Abuja, Lagos, Dubai and London.

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 & Gas Limited and Barrister Jimoh Ibrahim from dealing with any assets or funds of the company.

17 The Bishops Avenue, N2. Owned by Ibrahim Jimoh. Affected by court order

The trio of NICON Investment Limited, Global Fleet Oil & 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 staggering debt.

The court restrained 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.

The order was granted to AMCON as an interim injunction against NICON Investment Limited, Global Fleet Oil & Gas Limited and Mr Jimoh Ibrahim on the application of Asset Management Corporation of Nigeria (AMCON).

The court also made an order freezing all the bank accounts of the  companies and their promoter, Barrister Jimoh Ibrahim until the matter is finally determined.

The freezing order also affects all bank accounts held and/or maintained by NICON Investment Limited, Global Fleet Oil & Gas Limited and Barrister Jimoh Ibrahim in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, Citibank Nigeria Limited and Sterling Bank Plc.

The rest include 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 bank accounts to which Barrister Jimoh Ibrahim is a signatory, either alone or with any other person in NICON Investment Limited, Global Fleet Oil & Gas Limited in any of the banks and financial institutions on the list.

About 400 persons or firms owe AMCON  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 with obligors that have become intractable over time despite obvious efforts of the Corporation.

*Reported by vanguardngr.com