The Asset Management Corporation of Nigeria (AMCO) has withheld all transactions on the bank accounts of Nigerian-born business man and politician, Jimoh Ibrahim and some of his assets owing to an estimated N70 billion debts.
This came to the public on Wednesday when the agency released a statement that it has took over the assets following an order granted by Justice R.M. Aikawa of the Federal High in Lagos.
The statement read, “AMCON and BPE, on July 21, received approval from the National Insurance Commission to constitute a new board and management of NICON Insurance Limited and Nigeria Re.
“The change was to enhance the smooth running, efficient and effective management of the two firms previously owned by the recalcitrant debtor and businessman.
“The reason for the changes in the board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations, and the Bureau for Public Enterprises who worked in partnership with AMCON to bring the much-needed stability in the operation of the organisations.”
It further stressed that, “The implication is that AMCON is still in charge of all assets of Jimoh Ibrahim and his companies including NICON Insurance Limited and Nigeria Reinsurance Corporation over their heavy indebtedness to AMCON following earlier court rulings, which gave AMCON the power to take over the assets ab-initio.”
In total, AMCON seized 12 properties from Mr Ibrahim, including the building housing 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 No. 5, Customs Street, Lagos.
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