AMCON takes over Jimoh Ibrahim’s firms over alleged debt

Following an interim order of a Federal High Court in Lagos, the Asset Management Company of Nigeria (AMCON) yesterday took over the firms of the controversial businessman, Jimoh Ibrahim, over an alleged N50 billion unpaid debt.

The companies affected by the order include the NICON Investment Limited and Global Fleet Oil and Gas Limited.Justice Saliu Saidu had last Tuesday granted the order on the application of Mr. Yusuf Ali (SAN), counsel to AMCON, restraining NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim from dealing with any assets or funds of the companies.

The court also made an order freezing all the bank accounts of the named firms and their promoter, Ibrahim, until the matter is finally determined. The court order covers the assets of NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim in Abuja, Lagos, Dubai and London.

Armed with the court order, AMCON yesterday went and levied execution of the order both in Abuja and Lagos offices of Ibrahim’s firms. This execution coincides with the startling revelations of infractions made by his former Director of Finance, Mr. John Nnorom, at the Senate Committee on Aviation in Abuja. The committee is conducting public hearing on the disbursement and utilisation of $40 million Afrixim loan and N86.6 billion alleged to have been released by the Federal Government in 2011 for the rehabilitation and development of infrastructure in the aviation industry with respect to Air Nigeria Development Company Limited owned by Ibrahim.

The freezing order also affects all bank accounts held and/or maintained by NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank for Africa Plc, Access Bank Plc, City Bank 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, Zenith Bank Plc, Union Bank of Nigeria Plc and Unity Bank Plc.

The court also ordered the freezing of all the bank accounts to which Ibrahim is a signatory either alone or with any other person in NICON Investment Limited, Global Fleet Oil and Gas Limited in any of the banks and financial institutions on the list.

AMCON was also granted the possessory order to take over Jimoh Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim allegedly owe AMCON over N50 billion, which had become subject of protracted negotiations and court battles as a result of their inability to repay the debt.