… freezes all accounts
VICTORIA ONU, ABUJA
FOLLOWING the order of Honourable Justice R.M. Aikawa of the Federal High Court, Lagos Division, the Asset Management Corporation of Nigeria has taken possession of 12 prime assets belonging to Barrister Jimoh Ibrahim, the Chief Promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited.
AMCON took over the 12 prime assets, in Lagos and Abuja, over a staggering indebtedness of nearly N70bn.
In compliance with the enforcement order of the court, AMCON on Wednesday November 18, 2020, took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners.
The properties include: 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.
The 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; as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
In addition to the takeover of the listed properties, The Point learnt that the Court also ordered the freezing of all accounts belonging to Jimoh 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 on Wednesday November 4, 2020.
The court also granted AMCON possession 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.
As of the time of filing this report, Jude Nwauzor, AMCON’s spokesperson confirmed that all the assets that were listed by the court and scattered around Abuja and Lagos had been successfully taken over on Wednesday by AMCON.
This, he said, was done with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.
He added that no incidents were recorded during the enforcement activities at all the locations.
The matter between Jimoh Ibrahim and the Corporation had been interminable since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Assets purchases from Union Bank in the early days of AMCON.
Since the purchase of the EBA from Union Bank, AMCON said it had offered the obligor incredible exit opportunities to no avail.
And as is tradition, AMCON has, for years, explored all avenues to resolve the debt amicably, but Ibrahim and his companies – Global Fleet Oil & Gas Limited and NICON Investment Limited, were said to have remained recalcitrant and unenthusiastic to repay the huge debt, which has left AMCON with no other choice than to activate the full force of its amended Act, signed into law last year by President Muhammadu Buhari.
The amended AMCON Act provides the Corporation with additional powers to deal decisively with its pile of ‘monstrous obligors’ that have remained untouchable for years and hiding under some legal technicalities to avoid repayment of their loans.
