It is no longer news that the Asset Management Corporation of Nigeria (AMCON), has seized several belongings of Jimoh Ibrahim, an embattled businessman, for owing N69.4 billion.
Justice R.M. Aikawa of a Federal High Court in Lagos had given AMCON possession of all shares belonging to Ibrahim.
Disclosing the court judgement, the Head of Corporate Communication of AMCON, Jude Nwauzor said AMCON took over all the assets listed by the court and scattered around Abuja and Lagos, with the help of court bailiffs and men of the Nigeria Police Force (NPF).
According to him, the properties are –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.
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 Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja.
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.
Ibrahim also lost Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited to AMCON.
What You Need To Know
As part of its duties to weigh into debt issues between companies and lenders, AMCON purchased the debt from Union Bank with the hope of giving Ibrahim more time to fulfill his debt obligation, but all efforts to resolve the debt proved abortive.
It is however important to note that Ibrahim and his companies -Global Fleet Oil & Gas Limited and NICON Investment Limited, have been unwilling to repay the bad debt, which has left AMCON with no other option than to activate the full force of its amended Act, signed into law last year by President Muhammadu Buhari.