| Debtors & Recovery |    3741 VIEWS  |
| Debtors & Recovery | |
| 3741 VIEWS | |
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Wednesday, November 18, 2020 06:40 PM / by AMCON/ Header Image Credit: AMCON
Following the
order of Honourable Justice R.M. Aikawa of the Federal High Court, Lagos Division,
the Asset Management Corporation of Nigeria (AMCON) has taken possession of
twelve prime assets belonging to Barrister Jimoh Ibrahim, the chief promoter of
Global Fleet Oil & Gas Limited and NICON Investment Limited in Lagos and
Abuja over a staggering indebtedness of nearly N70billion.
In compliance
to the enforcement order of the court, AMCON on Wednesday November 18, 2020
took effective possession of all twelve properties through its Debt Recovery
Agent - Pinheiro Legal Partners, which include the following: 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.
The rest
include 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; 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.
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 companies
including Global Fleet Oil & Gas Limited and NICON Investment Limited all
of who are defendants in the Suit No. FHL/L/CL/776/2016 presided over by
Justice Aikawa on Wednesday November 4, 2020.
The court
also granted AMCON possession over all shares belonging to the embattled Barrister
Jimoh 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.
As at the
time of filling the report, Jude Nwauzor, AMCON's spokesperson confirmed to us
that all the assets that are listed by the court and scattered around Abuja and
Lagos have been successfully taken over today (Wednesday) 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 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.
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.
The amended
AMCON Act provides the Corporation with additional powers to deal decisively
with its pile of 'monstrous obligors' that have remained untouchable for years
and hiding under some legal technicalities to avoid repayment of their loans.
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