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N69.4bn debt: AMCON seizes Jimoh Ibrahim’s properties, freezes accounts


The Asset Management Corporation of Nigeria (AMCON) has taken over 12 assets belonging to Chairman and of Global Fleet Group, Jimoh Ibrahim, and frozen all his accounts over his debt which amounts to N69.4bn.

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

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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Other properties include 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.

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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 & 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.

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The court also granted AMCON possession overall 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.

AMCON’s Spokesman, Mr. Jude Nwauzor, said AMCON has successfully taken over all the assets that are listed by the court and scattered around Abuja and Lagos with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.