AMCON Seizes Jimoh Ibrahim’s Properties, Freezes Accounts Over N69.4bn Debt

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The Asset Management Corporation of Nigeria has taken over 12 assets belonging to Chairman of Global Fleet Group, Jimoh Ibrahim, over N69.4bn debt.

The seizure of the assets is pursuant to an order by Justice R.M. Aikawa of a Federal High Court in Lagos.

Jimoh Ibrahim

All bank accounts, which had Ibrahim as a signatory, either alone or with any other person were also frozen.

Following the court order, the AMCON debt recovery team on Wednesday immediately swung into action and took over Ibrahim’s assets in both Abuja and Lagos.

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AMCON’s spokesperson, Jude Nwauzor, in a statement on Wednesday, said the court order equally directed the agency to take over the businessman’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

The 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.

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“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 Expressway, 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.

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“In addition to the takeover of the listed properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies including Global Fleet Oil and Gas Limited and 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.”