The Asset Management Corporation of Nigeria (AMCON) has on Wednesday disclosed that it has seized assets and frozen bank accounts belonging to a Nigerian businessman, Jimoh Ibrahim over failure to pay a debt of N69 billion. In a statement, AMCON said seized assets have been taken over by its debt recovery agent, Pinheiro Legal Partners. These assets include 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.
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.
According to AMCON spokesperson, Jude Nwazor, a Federal High Court in Lagos granted the agency possession of all shares belonging to Mr. Ibrahim and his two companies domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited.
He added that "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."
