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N69.4 Billion Debt: AMCON Goes After Jimoh Ibrahim, Seizes Properties, Freezes Accounts



AMCON seizes Jimoh Ibrahim’s assets Over N69.4 Billion Debt.

The Asset Management Corporation of Nigeria (AMCON) on Wednesday took over twelve assets and all bank accounts belonging to Jimoh Ibrahim, the Chairman of Global Fleet Group, over N69.4 billion debt.
The action was in pursuant to an order issued by Justice R.M. Aikawa of a Federal High Court, in Lagos.


The asset management through its debt recovery agent, Pinheiro Legal Partners, took possession of all 12 properties, including 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.

Other properties seized by AMCON include 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 Express Way, 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 as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.


Also, the court ordered the freezing of all bank accounts belonging to Ibrahim’s companies including Global Fleet Oil & Gas Limited and NICON Investment Limited. All the accounts are defendants in the suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa on Wednesday November 4, 2020.

R.M. Aikawa, a justice of the federal high court in Lagos, also granted AMCON possession of all shares belonging to Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.


Jude Nwauzor, AMCON’s spokesperson, confirmed that all the assets that are listed by the court have been successfully taken over with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.
Nwauzor explained that no incidents were recorded during the enforcement activities at all the locations.


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