A Federal High Court in Lagos has granted an interim injunction to the Asset Management Corporation of Nigeria to take over some assets belonging to Nigerian billionaire businessman, Mr. Jimoh Ibrahim, over an alleged indebtedness of N50bn.
Justice Saliu Saidu, who made the order following an application to that effect by AMCON’s lawyer, Mr. Yusuf Ali (SAN), said the order would subsist until a suit filed by AMCON against Ibrahim and his companies was fully determined.
With this order, the assets of the following companies-NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited owned by Mr. Ibrahim are freeze.
The judge also restrained Mr. Ibrahim and the companies from making any withdrawal from all their known bank accounts pending the determination of the suit by AMCON.
AMCON claimed that NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim were indebted to it to the tune of over N50bn, resulting in “protracted negotiations and court battles.”
The new application to seize the defendants assets in Abuja, Lagos, Dubai and London, AMCON said, followed its renewed efforts to recover the alleged debt.
The corporation claimed that it is being owed over N4.5tn by about 400 obligors, which it said had become “recalcitrant despite obvious efforts of the corporation.”
