AMCON gets order to freeze Jimoh Ibrahim’s assets

A Federal High Court in Lagos has granted an interim injunction to the Assets Management Corporation of Nigeria to take over some assets belonging to the Group Managing Director of Energy Group, Jimoh Ibrahim.

The order followed Ibrahim’s indebtedness to the tune of N50 billion.

Justice Saliu Saidu made the order following an application to that effect by AMCON’s lawyer, Yusuf Ali (SAN).

Saidu said the order would subsist until a suit filed by AMCON against Ibrahim and his companies was fully determined.

The companies affected by the seizure order are NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

Justice Saidu also restrained Ibrahim and the companies from making any withdrawal from all their known banks accounts pending the determination of the suit by AMCON.

AMCON told the court that NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim were indebted to it to the tune of over N50 billion, resulting in “protracted negotiations and court battles”.

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

The corporation claimed it is being owed over N4.5 trillion by about 400 obligors, which it said had become “recalcitrant despite obvious efforts of the corporation”, adding: “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.”