An interim conjunction has been granted by a federal high court in Lagos on Monday, June 20, 2016, to the Asset Management Corporation of Nigeria (AMCON) to take over some assets owned by business Mogul, Mr. Jimoh Ibrahim due to his inability to pay the N50bn debt.
The order was made by Justice Salu Saidu to Mr. Yusuf Ali, SAN, Counsel to AMCON and he explained that the order also applies to other Ibrahim’s companies including Re-insurance company plc, NICON insurance company Plc, Nigeria Stockbrokers Limited and NICON Trustee Limited. The order covers the assets of NICON investment Limited, Global fleet oil and Gas Limited & Jimoh Ibrahim in Abuja, Lagos, Dubai and London.
NICON investment limited, Global fleet oil and Gas limited and Barrister Jimoh Ibrahim have recently been subjected to rigorous negotiation and continuous court battles due to their inability to pay the N50bn owed to AMCON.
The corporation claimed that it is being owed over N4.5tn by about 400 obligors, which it said had become “recalcitrant despite obvious efforts of the corporation.”
Justice Salu Saidu said that the order would persist until the suit filed against Jimoh Ibrahim is fully determined.
The court also ordered the freezing of the bank accounts of the above named companies and their promoter, Jimoh Ibrahim in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, Citibank Nigeria Limited, Sterling Bank Plc, 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.
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 were also frozen by the order of the court.
To alleviate the debts, however, AMCON has recently adopted effective strategies to propel debtors to clear up their debts.
“To deal with the situation, however, AMCON recently increased the tempo of its recovery activities using firmer negotiation strategies as well as utilising the special enforcement powers vested by the AMCON Act to compel some of its debtors, especially those that are politically exposed and business heavyweights, to repay their debts,” it said.