N50bn debt: AMCON takes over Jimoh Ibrahim’s firms, freezes bank accounts

The Federal High Court, Lagos
Division, yesterday, restrained NICON
Investment Limited, Global Fleet Oil and Gas
Limited and Mr Jimoh Ibrahim from dealing with
any assets or funds belonging to NICON
Investment, Global Fleet Oil and other assets.
The order was granted to AMCON as an interim
injunction against NICON Investment Limited,
Global Fleet Oil & Gas Limited and Mr Jimoh
Ibrahim on the application of Asset Management
Corporation of Nigeria (AMCON).

Justice Saliu Saidu, while granting the order on
the application of Mr. Yusuf Ali, SAN, counsel to
AMCON, restrained NICON Investment
Limited, Global Fleet Oil & Gas Limited and
Barrister Jimoh Ibrahim from dealing with any
assets or funds of the company.

The court also made an order freezing all the
bank accounts of the above-named companies
and their promoter, Barrister Jimoh Ibrahim
until the matter is finally determined. The court
order covers the assets of NICON Investment
Limited, Global Fleet Oil & Gas Limited and
Barrister Jimoh Ibrahim in Abuja, Lagos, Dubai
and London.

The freezing order also affects all bank accounts
held and/or maintained by NICON Investment
Limited, Global Fleet Oil & Gas Limited and
Barrister Jimoh Ibrahim in First Bank Plc,
Guaranty Trust Bank Plc, Diamond Bank Plc,
United Bank of Africa Plc, Access Bank Plc,
Citibank Nigeria Limited and Sterling Bank Plc.

Possessor order
The rest include Ecobank Nigeria Plc, Fidelity
Bank Plc, First City Monument Bank Plc, Heritage
Bank Limited, Keystone Bank Limited, Skye Bank
Plc, Stanbic IBTC Bank Plc, Sterling Bank Plc,
Zenith Bank Plc, Union Bank of Nigeria Plc and
Unity Bank Plc.

The court also ordered the freezing of all bank
accounts to which Barrister Jimoh Ibrahim is a
signatory, either alone or with any other person
in NICON Investment Limited, Global Fleet Oil &
Gas Limited in any of the banks and financial
institutions on the list. AMCON was also granted
the possessor order to take over Jimoh Ibrahim’s
Nigeria Re-Insurance Company Plc, NICON
Insurance Company Plc, Nigeria Stockbrokers
Limited (NSL) and NICON Trustees Limited.

The trio of NICON Investment Limited, Global
Fleet Oil & Gas Limited and Barrister Jimoh
Ibrahim owe AMCON over N50 billion, which
have become subject of protracted negotiations
and court battles as a result of their inability to
repay the staggering debt. But with AMCON’s
debt recovery efforts in full swing, the
corporation yesterday took over the assets of
Barrister Jimoh Ibrahim in both Abuja and
Lagos.

Recall that 400 obligors of AMCON account for
more than N4.5 trillion, which is approximately
80 per cent of the total outstanding loan balance
of the corporation’s over 12,000 accounts with
obligors that have become intractable over time
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 utilizing special enforcement powers
conferred by the AMCON Act to compel some of
its debtors, especially those that are politically
exposed and business heavyweights to repay
their debts.