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COVERLEGALNEWSLETTER

AMCON Seizes Jimoh Ibrahim’s Assets Over ₦69.4 billion Debt

AMCON Seizes Jimoh Ibrahim's Assets

Assets belonging to the Chairman of Global Fleet Group, Jimoh Ibrahim, have been seized by the Asset Management Corporation of Nigeria (AMCON), in addition, his bank accounts have been frozen as a result of a 69.4 billion debt.

The action was approved by Justice R.M. Aikawa of the Federal High Court in Lagos, this was according to a statement by the Head of Corporate Communication at AMCON, Jude Nwauzor.

AMCON has since on Wednesday taken possession of top properties owned by the embattled businessman through its debt recovery agent – Pinheiro Legal Partners.

Nwauzor said AMCON took over all the assets listed by the court and scattered around Abuja and Lagos on Wednesday with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.

The properties include the NICON Investment Limited building 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 NICON Lekki Limited building at No. 5, Customs Street, Lagos.

Others are Abuja International Hotels Limited building 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; as well as the NICON Luxury Hotel’s building, Garki I, FCT, Abuja.

Apart from the buildings, the court also ordered the freezing of all accounts belonging to Barrister Jimoh Ibrahim and his companies including Global Fleet Oil & 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.

Also,  the court gave consent to AMCON to take possession of all shares belonging to Jimoh Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited.

Nwauzor said the assets were taken over without incident.

See Photos Below Of Some Properties Below:

About Author

Victor Okeh is a graduate of Economics from Lagos State University. He is versatile in reporting business and economy, politics and finance, and entrepreneurship articles. He can be reached via – [email protected]

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