Jimoh Ibrahim, chairman of Global Fleet Group, has lost 12 prime assets to Asset Management Corporation of Nigeria (AMCON) over a N69.4 billion debt.
The assets takeover is sequel to an order by Justice R.M. Aikawa of the Federal High Court, Lagos Division.
Ibrahim is the chief promoter of Global Fleet Oil & Gas Limited and NICON Investment Limited in Lagos and Abuja.
AMCOM in a statement on Wednesday said it complied with the court order to take over the properties through its Debt Recovery Agent – Pinheiro Legal Partners.
The 12 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.
Other possessions include 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 NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
In addition to the takeover of the listed properties, the Court also ordered the freezing of all accounts belonging to Barrister Jimoh Ibrahim and his two companies, all of who are defendants in the Suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa.
The court also granted AMCON possession over all shares belonging to Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.
AMCON’s spokesperson, Jude Nwauzor, confirmed that all the assets that are listed by the court and scattered around Abuja and Lagos have been successfully taken over by AMCON 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 case between Barrister Jimoh Ibrahim and the Assets Corporation has been endless since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank for Ibrahim.
Since the purchase of EBA from Union Bank, AMCON offered the borrower various exit opportunities to no avail.
Subsequently, AMCON for years explored all avenues to resolve the debt amicably, but Barrister Jimoh Ibrahim and his companies, were not forthcoming in repaying the huge debt, hence the court order.
