N50bn Debt: Court Restores Jimoh Ibrahim’s Companies

A Federal High Court in Lagos on Monday discharged an interim injunction empowering the Asset Management Corporation of Nigeria to take over some assets belonging to Nigerian businessman, Jimoh Ibrahim, over an alleged indebtedness of N50bn.
Justice Abdulazeez Anka vacated the interim order and restored possession of the companies to Ibrahim on Monday following an application to that effect by AMCON, through its lawyer, Mr. Yusuf Ali (SAN).
Justice Anka, who was sitting as a vacation judge, also released all the bank accounts of Ibrahim and his companies frozen since June 14, 2016 by another judge of the court, Justice Saliu Saidu.
Justice Saidu had ordered AMCON to take over Ibrahim’s companies pending the determination of a debt recovery suit filed by the corporation against Ibrahim and his companies.
The companies involved are NICON Investment Limited and Global Fleet Oil and Gas Limited, Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.
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.”
Its lawyer, Ali, had through an ex parte application begged Justice Saidu to allow the corporation to seize the defendants’ assets in Abuja, Lagos, Dubai and London, as part of AMCON’S renewed efforts to recover an alleged debt of over N4.5tn being owed it by about 400 obligors, which it said had become “recalcitrant despite obvious efforts of the corporation.”
In a short ruling, Justice Anka discharged the order and adjourned the matter till August 1, 2016.


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