AMCON Strips Jimoh Ibrahim Of His Assets |The Source

By Akinwale Kasali

Flamboyant businessman and politician, Jimoh Ibrahim, has been stripped of all his assets by the Asset Management Corporation of Nigeria (AMCON).

The Ondo State born Ibrahim, according to AMCON, owes a staggering N64.4bn. For that, AMCON was ordered on Wednesday, by a Federal High Court, Lagos Division, to take over Ibrahim’s 12 prime assets.

Wednesday’s Court judgement will definitely shock many Nigerians who have followed Ibrahim’s flamboyant lifestyle since suddenly announced  his presence during the Government of President Olusegun Obasanjo, buying up everything he could.  Ibrahim is the  founder of  Global Fleet Oil & Gas Limited and NICON Investment Limited in Lagos and Abuja.

The stripping of the assets from Ibrahim was on the orders of The  Honourable Justice R.M. Aikawa.

Based on  Wednesday’s November 18, 2020 judgement, AMCON has effectively taken   possession of all the twelve properties through its Debt Recovery Agent – Pinheiro Legal Partners. They  include:

*The building of NICON Investment Limited located at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja;

*NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja

*The NICON building, Lekki Limited  at No. 5, Customs Street, Lagos.

*The 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

*NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.

Accounts Also Frozen

Justice Aikawa also ordered that all accounts belonging to 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.

Ibrahim also lost all the shares belonging to him and his two companies  domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

AMCON’s  Spokesperson, Jude Nwauzor,  confirmed  that all the assets that are listed by the court, domiciled in Abuja and Lagos have been immediately taken over  by AMCON.

The case between  Jimoh Ibrahim and AMCON has been on for years.

Ibrahim’s  loan was purchased by the Government debt recovery agency during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank.

Since that purchase by EBA from Union Bank, AMCON has offered the obligor  exit opportunities to no avail.

For years, AMCON had explored ways to resolve the debt amicably, but  Jimoh Ibrahim and his companies – Global Fleet Oil & Gas Limited and NICON Investment Limited were, allegedly, uncooperative.

The amended AMCON Act  signed by President Muhammadu Buhari, gives the Corporation  additional powers to deal decisively the fate of its  huge obligors.