N69.4bn debt: Court orders AMCON to seize Jimoh Ibrahim’s properties, freeze bank accounts

Justice R.M. Aikawa of a Federal High Court in Lagos, Wednesday, ordered the Asset Management Corporation of Nigeria (AMCON) to repossess over 12 assets belonging to Chairman of Global Fleet Group, Jimoh Ibrahim, over a N69.4bn debt.

Jimoh Ibrahim

In addition, the court also directed that all bank accounts, which had Ibrahim as a signatory, either alone or with any other person be frozen.

AMCON debt recovery team has since moved in to possess the listed properties in Abuja and Lagos.

AMCON’s spokesperson, Jude Nwauzor, in a statement on Wednesday, said the court order specifically directed the agency to take over the businessman’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

“AMCON on Wednesday took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners, which include the following: 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; 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, and 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 and Gas Limited and NICON Investment Limited all of who are defendants in suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa on Wednesday, November 4, 2020,” the statement read.

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