The Asset Management Corporation of Nigeria (AMCON) has seized 12 properties belonging to Jimoh Ibrahim, the Chairman and Chief Executive Officer of Global Fleet Group and frozen all his accounts over N69.4bn debt.
AMCON took over the businessman’s assets following an order by Justice R.M. Aikawa of a Federal High Court, in Lagos.
The corporation on Wednesday, November 18, 2020, took effective possession of the properties through its Debt Recovery Agent — Pinheiro Legal Partners.
The forfeited properties include the following: the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at №5, Customs Street, Lagos.
Other properties include:
The building of Abuja International Hotels Limited located at №3, Hospital Road, Lagos; another Property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on №94, Awolowo Road, Ikoyi, Lagos; NICON Building at №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 as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
In addition to the seized properties, the court also ordered AMCON to seize all Ibrahim’s personal and companies’ accounts Global Fleet Oil & Gas Limited and NICON Investment Limited.
Recall that in 2016, a Federal High Court granted AMCON's request to seize some assets belonging to Ibrahim over an alleged N50bn.
A month after, the businessman obtained a court injunction discharging the interim order granted AMCON to seize his properties