The Asset Management Corporation of Nigeria (AMCON) on Tuesday moved swiftly to enforce the order of the Federal High Court in Lagos which granted the application to restrain NICON Investment Limited, Global Fleet Oil and Gas Limited and their owners, Jimoh Ibrahim, from dealing with any assets or funds belonging to them.
Following the court order, the AMCON debt recovery team on Tuesday immediately swung into action and took over Mr. Ibrahim’s assets in both Abuja and Lagos.
NICON Investment Limited, Global Fleet Oil & Gas Limited and Mr. Ibrahim were owing AMCON over N50 billion, which have been subjects of protracted litigation and negotiations.
Justice Saliu Saidu granted the order on the application by counsel to AMCON, Yusuf Ali, a senior advocate of Nigeria, seeking to restrain Mr. Ibrahim and the management of the two companies from dealing with any assets or funds of the company.
Justice Saidu also ordered the immediate freezing of all their bank accounts, including NICON Investment Limited, Global Fleet Oil & Gas Limited and Mr. Ibrahim’s assets in Abuja, Lagos, Dubai and London until the matter was finally determined.
The freezing order also affected all bank accounts held and/or maintained by Mr. Ibrahim and the companies in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, Citibank Nigeria Limited and Sterling Bank Plc.
Other affected banks included 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.
All bank accounts which has Mr. Ibrahim as a signatory, either alone or with any other person in NICON Investment Limited, Global Fleet Oil & Gas Limited in any of the banks and financial institutions on the list were also ordered frozen by the court.
The court order equally directed AMCON to take over Jimoh Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.
