Tuesday, June 6, 2023

AMCON Confiscates Jimoh Ibrahim Properties, Freezes Accounts Over N69.4bn Debt

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The Asset Management Corporation of Nigeria (AMCON) has taken over 12 assets belonging to the Chairman of Global Fleet Group, Jimoh Ibrahim, over a N69.4billion debt.

I Will Not Allow Another #EndSARS Protests - BuhariThis was contained in a statement issued by the AMCON spokesman, Jude Nwauzor, on Wednesday, who said the businessman’s accounts were also frozen by the corporation.

Nwauzor further explained the seizure of the assets; was pursuant to an order by Justice R.M. Aikawa of the Federal High Court, Lagos.
Also Read: N900m Debt: AMCON Takes Over Buba Galadima’s Property

Nwauzor added that the assets which are located in Abuja and Lagos had been successfully taken over by AMCON; with the help of court bailiffs and police officers as directed by the court.

Buhari puts Presidential Aircraft Up For SaleThe statement reads: “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 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; 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 Jimoh Ibrahim and his companies; including Global Fleet Oil and Gas Limited as well as 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 court also granted AMCON possession of shares owned by Jimoh Ibrahim and his two companies domiciled in Nigerian Re-Insurance Company Plc; as well as NICON Insurance Company Plc; Nigeria Stockbrokers Limited and also NICON Trustees Limited.

Photo Credit: Getty

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