N69.4bn debt: AMCON takes over Jimoh Ibrahim’s assets, freezes accounts


The Asset Management Corporation of Nigeria (AMCON) has taken over 12 prime assets belonging to business mogul, Jimoh Ibrahim over a debt of N69.4 billion.

AMCON took over the properties located in Lagos and Abuja after a Federal High Court in Lagos granted the order for the takeover.

Jude Nwauzor, Head of Corporate Communication, AMCON, in a statement on Wednesday said Justice R.M. Aikawa of the Federal High Court in Lagos granted the takeover order.

He said AMCON took over the properties on Wednesday through its debt recovery agent – Pinheiro Legal Partners.

According to him, AMCON took over the properties with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.

The properties taken over by AMCON are: NICON Investment Limited building at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja; the NICON Lekki Limited building at No. 5, Customs Street, Lagos; Abuja International Hotels Limited building located at No. 3, Hospital Road, Lagos and another property at Plot 242, Muhammadu Buhari Way, Abuja.

Others are: 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 and the NICON Luxury Hotel’s building, Garki I, FCT, Abuja.

Channels TV also reported that the court ordered the freezing of all accounts belonging to Jimoh and his companies, including Global Fleet Oil & Gas Limited and NICON Investment Limited all of who are defendants in Suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa on Wednesday, November 4, 2020.


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