AMCON gets order to seize Jimoh Ibrahim’s assets
A Federal High Court in Lagos has
granted an interim injunction to the Asset Management Corporation of
Nigeria to take over some assets belonging to Nigerian businessman, Mr.
Jimoh Ibrahim, over an alleged indebtedness of N50bn.
Justice Saliu Saidu, who made the order
following an application to that effect by AMCON’s lawyer, Mr. Yusuf Ali
(SAN), said the order would subsist until a suit filed by AMCON against
Ibrahim and his companies was fully determined.
The companies affected by the seizure order included NICON Investment Limited and Global Fleet Oil and Gas Limited.
Also affected by the order were
Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc,
Nigeria Stockbrokers Limited and NICON Trustees Limited.
The judge also restrained Ibrahim and
the companies from making any withdrawal from all their known bank
accounts pending the determination of the suit by AMCON.
AMCON claimed 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.
The corporation claimed that it was 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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