N50bn Debt: AMCON Takes over Jimoh Ibrahim’s Firms, Bank Accounts Frozen

A Federal High Court sitting in Ikoyi, Lagos, presided over by Justice Saliu Saidu on Monday granted a restraining order against NICON Investment Limited, Global Fleet Oil and Gas Limited and Jimoh Ibrahim from dealing with any assets or funds belonging to NICON Investment, Global Fleet Oil and other assets. The court arrived at the decision while ruling on an application filed by the Asset Management Corporation of Nigeria (AMCON). In granting the interim order on the application filed by counsel to AMCON and Senior Advocate of Nigeria, SAN, Yusuf Ali, the trial judge restrained NICON Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim from dealing with any assets or funds of the company. The judge further issued an order freezing all the bank accounts of the affected firms alongside that of Jimoh Ibrahim pending the hearing and determination of the suit before it. Specifically, Justice Saidu’s order covers the assets of NICON Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim in Abuja, Lagos, Dubai and London. In the same manner, the court’s freezing order also affects all bank accounts held and/or maintained by NICON Investment Limited, Global Fleet Oil & Gas Limited and Jimoh Ibrahim in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, Citibank Nigeria Limited and Sterling Bank Plc. Other affected bank accounts include Ecobank Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Plc, Heritage Bank Limited, Keystone Bank Limited, Skye Bank Plc, Stanbic IBTC Bank Plc, Sterling Bank Plc, Zenith Bank Plc, Union Bank of Nigeria Plc and Unity Bank Plc. The judge equally ordered the freezing of all bank accounts to which Jimoh Ibrahim is a signatory, either alone or with any other person in NICON Investment Limited, Global Fleet Oil & Gas Limited in any of the banks and financial institutions on the list. The court also granted what it termed possessor order to take over Jimoh Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited. It would be recalled that NICON Investment Limited, Global Fleet Oil & Gas Limited and Barrister Jimoh Ibrahim owed AMCON over N50 billion, and same has become a subject of protracted negotiations and court battles due to their inability to repay the staggering debt. It was learnt that AMCON had as a result of the court order, gone into full action on Monday by taking over the assets of Jimoh Ibrahim in both Abuja and Lagos.