Debt Recovery: AMCON Takes over Jimoh Ibrahim’s NICON Investment, Global Fleet, freezes bank accounts

The Federal High Court Lagos Division yesterday restrained NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim from dealing with any assets or funds belonging to NICON Investment, Global Fleets and other assets.
The order was granted to AMCON as an interim injunction against NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim on the application of Asset Management Corporation of Nigeria (AMCON).
Justice Saliu Saidu while granting the order on the application of Mr. Yusuf Ali SAN, counsel to AMCON restrained NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim from dealing with any assets or funds of the company. The Court also made an order freezing all the bank accounts of the above named companies and their promoter, Barrister Jimoh Ibrahim until the matter is finally determined. The Court order covers the assets of NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim in Abuja, Lagos, Dubai and London.
The freezing order also affects all bank accounts held and/or maintained by NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, City Bank Nigeria Limited and Sterling Bank Plc. The rest 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 Court also ordered the freezing of all the bank accounts to which Barrister Jimoh Ibrahim is a signatory either alone or with any other person in NICON Investment Limited, Global Fleet Oil and Gas Limited in any of the banks and financial institution on the list. AMCON was also granted the 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.
The trio of NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim owe AMCON over N50billion, which have become subject of protracted negotiations and court battles as a result of their inability to repay the staggering debt. But with AMCON’s debt recovery efforts in full swing, the Corporation yesterday took over the assets of Barrister Jimoh Ibrahim in both Abuja and Lagos.
Recall that 400 obligors of AMCON account for more than N4.5 trillion, which is approximately 80 per cent of the total outstanding loan balance of the Corporation’s over twelve thousand accounts with obligors that have become recalcitrant over time despite obvious efforts of the Corporation.
To deal with the situation however, AMCON recently increased the tempo of its recovery activities using firmer negotiation strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its debtors especially those that are politically exposed and business heavyweights to repay their debts.