Tuesday, June 21, 2016

Court Orders AMCON to Seize Jimoh Ibrahim’s Assets

A Federal High Court in Lagos has granted an interim injunction to the Asset Management Corporation of Nigeria to seize assets belonging to billionaire, Jimoh Ibrahim over his inability to pay an outstanding debt valued at N50 billion, the Punch reports

Justice Saliu Saidu, who gave the order after AMCON’s lawyer, Mr. Yusuf Ali (SAN), made an application to that effect said that the order will remain until the determination of the substantive suit filed by AMCON against Ibrahim.

Two of billionaire’s properties confiscated by the order included NICON Investment Limited and Global Fleet Oil and Gas Limited. Others were Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

The judge also ruled that Ibrahim and the companies should not make any withdrawal from all their known bank accounts pending the determination of the suit by AMCON.

AMCON claimed that NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim were indebted to it to the tune of over N50bn, resulting in “protracted negotiations and court battles.”

The new application sought to seize the defendants assets in Abuja, Lagos, Dubai and London, AMCON said, following its renewed efforts to recover the alleged debt.

The corporation claimed that it was owed over N4.5tn by about 400 obligors, which it said had become “recalcitrant 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 utilising the special enforcement powers vested by the AMCON Act to compel some of its debtors, especially those that are politically exposed and business heavyweights, to repay their debts,” it said.

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