AMCON confiscates Jimoh Ibrahim’s assets over N69.4billion debt

In continuation of its debt recovery drive, the Asset Management Corporation of Nigeria (AMCON), has taken possession of 12 prime assets belonging to Jimoh Ibrahim, the chief promoter of Global Fleet Oil & Gas Limited, and NICON Investment Limited, in Lagos and Abuja over a staggering indebtedness of nearly N70billion.

The assets take-over followed an order by Honourable Justice R.M. Aikawa of the Federal High Court, Lagos Division, AMCON said in a statement made available to The Guardian, yesterday.

In compliance to the enforcement of the court order, AMCON on Wednesday took effective possession of all the 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners. They 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 Expressway, Apapa Road, Lagos; and Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos. Also taken possession are the 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.

In addition to the takeover of the listed properties, the Court also ordered the freezing of all accounts belonging to 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 over all shares belonging to the embattled Ibrahim and his two companies that are domiciled in Nigerian Reinsurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited.

AMCON’s spokesperson, Jude Nwauzor, who confirmed the asset confiscation, also said all the listed assets scattered around Abuja and Lagos were successfully taken over yesterday by AMCON with the help of court bailiffs and officers and men of the Nigerian Police, as mandated by the court. He added that no incidents were recorded during the enforcement activities at all the locations.

The matter between 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.

Since the purchase of the EBA from Union Bank, AMCON has offered the obligor incredible exit opportunities to no avail. As is tradition, AMCON had for years explored all avenues to resolve the debt amicably, but Ibrahim and his companies – Global Fleet Oil & Gas Limited, and NICON Investment Limited, had remained adamant and unwilling to repay the huge debt. This 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.

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.