Wednesday 22 June 2016

Debt: AMCON Takes Over Jimoh Ibrahim's Companies, Freezes Accounts

The Asset Management Corporation of Nigeria has on Tuesday, seized the companies, assets and freezed the bank accounts of billionaire business mogul, Jimoh Ibrahim. 

Jimoh Ibrahim
Following the Federal High Court in Lagos order to restrain NICON Investment Limited, Global Fleet Oil and Gas Limited and their owners, Jimoh Ibrahim, from dealing with any assets or funds belonging to them, the Asset Management Corporation of Nigeria (AMCON) on Tuesday, moved swiftly to enforce the order  as the AMCON debt recovery team immediately swung into action and took over Ibrahim’s assets in both Abuja and Lagos.
It was earlier reported that NICON Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim were owing AMCON over N50 billion, which have been subjects of protracted litigation and negotiations.
Justice Saliu Saidu granted the order on the application by counsel to AMCON, Yusuf Ali (SAN), seeking to restrain Ibrahim and the management of the two companies from dealing with any assets or funds of the company.
Justice Saidu also ordered the immediate freezing of all their bank accounts, including NICON Investment Limited, Global Fleet Oil & Gas Limited and Mr. Ibrahim’s assets in Abuja, Lagos, Dubai and London until the matter was finally determined.
According to Premium Times, the freezing order also affected all bank accounts held and/or maintained by Mr. Ibrahim and the companies in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, Citibank Nigeria Limited and Sterling Bank Plc.
Other affected banks included 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.
All bank accounts which has Ibrahim as 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 ordered frozen by the court.
The court order equally directed AMCON to take over Jimoh Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

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