N69 billion Debt: AMCON freezes Jimoh Ibrahim’s account, takes over assets

The Asset Management Corporation of Nigeria (AMCON) has frozen the bank accounts of controversial businessman and politician, Jimoh Ibrahim, and seized some of his assets over his N69 billion debts.

The agency on Wednesday took over the asset following an order granted by Justice R.M. Aikawa of the Federal High Court in Lagos.


Altogether, AMCON seized 12 property from Mr Ibrahim. They include the building housing 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 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 as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.

The order for the seizures was given in respect of a suit filed by AMCON in 2016, with file number No FHL/L/CL/776/2016.The court had earlier ordered the seizure of some asset from Mr Ibrahim in 2016 over his debts to AMCON but he obtained a court injunction a month later discharging the interim order granted to AMCON.

Justice Aikawa, however, gave a fresh order on November 4 and AMCON reportedly carried out the seizure on Wednesday.

AMCON’s spokesperson, Jude Nwauzor, in a statement , said Mr Ibrahim’s property were taken over with the help of court bailiffs and police officers on Wednesday as mandated by the court.

“The matter between Barrister Jimoh Ibrahim and the corporation has been interminable since the loan was purchased by the government debt recovery agency during the first phase of eligible bank assets (EBA) purchases from Union Bank in the early days of AMCON,” AMCON;s spokesperson said.“Since the purchase of the EBA from Union Bank, AMCON has 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 Barrister Jimoh Ibrahim and his companies – Global Fleet Oil & Gas Limited and NICON Investment Limited, 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.”

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