AMCON Takes over Jimoh Ibrahim's Assets over N69.4bn Debt

By Obinna Chima

The corporation which disclosed this in a statement that was signed by its spokesman, Mr. Jude Nwauzor, explained that the move followed the order of Justice R.M. Aikawa of the Federal High Court, Lagos Division

According to AMCON, in compliance to the enforcement order of the court, it on Wednesday took, “effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners, which include the following: the building of NICON Investment Limited at Plot 242, 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.”

It added, “The rest include the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another Property at Plot 242, 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.

“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.”

Furthermore, it stated, “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.”

According to AMCON, the matter between 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.

It pointed out that since the purchase of the EBA from Union Bank, AMCON has offered the obligor incredible exit opportunities to no avail.

“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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