Business

AMCON takes over Jimoh Ibrahim’s firms over N50bn debt

AMCON takes over Jimoh Ibrahim's firms over N50bn debt | Ripples

The Asset Management Corporation of Nigeria, AMCON, has obtained an interim injunction to seize some assets belonging to businessman, Jimoh Ibrahim over an alleged N50bn billion indebtedness.

The order was granted by the Federal High Court sitting in Lagos.

According to Justice Saliu Saidu, while ruling on an application brought before him by counsel to AMCON, Mr. Yusuf Ali, SAN, the order would subsist until the suit filed by AMCON against Ibrahim and his companies was fully determined.

Ibrahim’s companies affected by the seizure order include NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

Justice Saidu also ordered that Ibrahim and the companies should not make any withdrawal from all their known bank accounts pending the determination of the suit by AMCON.

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AMCON had claimed in the application that NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim were indebted to it to the tune of over N50bn, resulting in protracted negotiations and court battles.

The new application to seize the defendants assets in Abuja, Lagos, Dubai and London, AMCON said, followed its renewed efforts to recover the alleged debt.

According to AMCON, the corporation is being owed over N4.5tn by about 400 obligors, which it said had become “recalcitrant despite obvious efforts of the corporation.”

“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.

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