N69.4bn debt: AMCON seizes Jimoh Ibrahim’s property, freezes accounts


The Asset Management Corporation of Nigeria ,(AMCON) has closed in on Chairman of Global Fleet Group, Mr Jimoh Ibrahim, taking over 12 of his assets and freezing all his accounts over his N69.4 billion debt.

The order for seizure of the assets was given by Justice R.M. Aikawa of a Federal High Court, in Lagos.

Acting on the valud court order, AMCON on Wednesday took possession of all 12 property through its Debt Recovery Agent – Pinheiro Legal Partners.

The assets seized included 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 were the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; a 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.

In addition to the takeover of the listed property, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited all of who are defendants in the suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa.

The court also granted AMCON possessive rights over all shares belonging to the embattled Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

AMCON’s Spokesman, Jude Nwauzor, said all the assets that were listed by the court and scattered around Abuja and Lagos had been successfully taken over by AMCON with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.

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