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Federal High Court Freezes Jimoh Ibrahim’s Worldwide Assets Including His Bank Accounts Over N50b Debt

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This week probably might not be a good one for the multi-business owner Jimoh Ibrahim as AMCON takes over his assets world wide and his bank accounts frozen

According to Sahara: The Federal High Court, Lagos Division has frozen all the assets of businessman Jimoh Ibrahim, as well as his NICON Investment Limited and Global Fleet Oil and Gas Limited. Justice Saliu Saidu issued the interim injunction in response to an application by Mr. Yusuf Ali, counsel to the Asset Management Corporation of Nigeria (AMCON) on June 14th, and it will stay in place until all the issues concerning their indebtedness to AMCON are determined.

Justice Saliu Saidu issued the interim injunction in response to an application by Mr. Yusuf Ali, counsel to the Asset Management Corporation of Nigeria (AMCON) on June 14th, and it will stay in place until all the issues concerning their indebtedness to AMCON are determined.

The order restrains NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim from dealing with any assets or funds of the company.  It covers the assets of NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim in Abuja, Lagos, Dubai and London.

The freezing order also affects all bank accounts held and/or maintained by NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, City Bank Nigeria Limited and Sterling Bank Plc.

Others are 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.

The court also ordered the freezing of all bank accounts to which Barrister Jimoh Ibrahim is a signatory either alone or with any other person in NICON Investment Limited, Global Fleet Oil and Gas Limited in any of the banks and financial institution on the list. AMCON was also granted the possessory order to take over Jimoh Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

The trio of NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim owe AMCON over N50billion that has become the subject of protracted negotiations and court battles as a result of their inability to repay the staggering debt.  With AMCON’s debt recovery efforts in full swing, the Corporation took over the assets of Mr. Ibrahim in Abuja and Lagos.

Recall that 400 obligors of AMCON account for more than N4.5 trillion, which is approximately 80 percent of the total outstanding loan balance of the corporation’s over 12,000 accounts with obligors that have become recalcitrant over time despite the efforts of the corporation.

To deal with the situation, AMCON recently increased the tempo of its recovery activities using firmer negotiation strategies and the special enforcement powers it possesses under the AMCON Act, to compel some of its debtors, especially business heavyweights and the politically exposed, to repay their debts.

Ibrahim, one of Nigeria’s wealthiest men, has investments in such areas as aviation, hotels, banking, insurance, real estate, and publishing, along with a reputation for ruthlessness and shortcuts.

AMCON began enforcement of the freeze order earlier today.

*Ah what a raining season to be hungry*

Politics

Ihedioha resigns from PDP, says party no longer a credible opposition

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Emeka Ihedioha, a former governorship candidate on the platform of the Peoples Democratic Party (PDP) in Imo, has resigned from the party.

Ihedioha conveyed his resignation from the party in a letter dated April 23 and addressed to the PDP chairman of Mbutu ward, Aboh Mbaise LGA of Imo; and the national chairman.

Ihedioha said the party has failed to offer “credible opposition to the ruling All Progressives Congress (APC)”.

The politician said he has contributed his quota to the “development and transformation” of the PDP since 1998.

“All these years, I have taken pride in the fact that the PDP is a party that will always look inward for internal reforms and provide credible leadership for the people, whether in power or outside power.

“I have had the benefit of serving and benefitting from the party at various levels. Regrettably, in recent times, the party has taken on a path that is at variance with my personal beliefs.

“Despite my attempt to offer counsel, the party is, sadly no longer able to carry out internal reforms, enforce its own rules or offer credible opposition to the ruling All Progressives Congress.

“It is in the light of the foregoing, that I am compelled to offer my resignation from the People’s Democratic Party effective immediately.”

Ihedioha said while the decision to leave the party was “difficult to take”, he believes that it is “the right one”.

He said despite his resignation, he will always be available to offer services “towards the deepening of democracy and good governance” in Nigeria.

Ihedioha was elected governor of Imo in March 2019 on the PDP platform.

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Politics

Lucky Aiyedatiwa wins Ondo APC governorship primary election

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Lucky Aiyedatiwa, governor of Ondo state, has clinched the All Progressives Congress (APC) gubernatorial ticket for the November 16 election.

Usman Ododo, Kogi state governor and chairman of the election organising committee, declared Aiyedatiwa as the winner of the party’s primary in the early hours of Monday.

Ododo said Aiyedatiwa secured 48,569 votes to defeat his closest challengers — Mayowa Akinfolarin who had 15,343 votes and Olusola Oke who polled 14,915 votes.

Aiyedatiwa won in 16 of the 18 LGAs in the state while Oke won in Ilaje local government area.

The election was cancelled in Ifedore LGA due to issues of violence.

CONTROVERSIAL PRIMARY ELECTION

The APC primary election, which started on Saturday, was marred by allegations of irregularities while there were demands for cancellation by the leading contenders.

Several aspirants alleged that no election took place in most parts of the state.

TheCable reporters who monitored the election in Akure failed to witness voting in several wards in the Ondo state capital.

Olusola Oke, Olugbenga Edema, Wale Akinterinwa, Dayo Faduyile and Jimi Odimayo are among the governorship hopefuls who kicked against the conduct of the exercise.

Folakemi Omogoroye, a female governorship hopeful, described the election as a “complete rape of democracy”.

“I am not going to accept it, and now, I am calling for cancellation and if this is not done, maybe we’ll meet in the court,” Omogoroye said.

Despite the criticism and controversy surrounding the election, the Kogi state governor insisted that the process was transparent.

The primary election took place across 203 wards in the 18 LGAs of the state.

The election was rescheduled in all 13 wards of Okitipupa LGA over the late arrival of materials. The rescheduled election, held on Sunday, recorded a low turnout of voters in some wards.

Members of the party staged a protest in Akure on Sunday evening over the conduct of the governorship election.

Adeniran Oyebade, director-general for Olusola Oke campaign organisation in Ondo central, described the primary as “daylight robbery”.

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‘You’re not following procedure’ — Drama as Ondo guber hopeful confronts Ododo over APC primary

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Usman Ododo, governor of Kogi, and Gbenga Edema, one of the hopefuls for the All Progressives Congress (APC) gubernatorial ticket in Ondo, engaged in a heated argument on Saturday over the distribution of election material for the party’s primary.

Ododo is the chairman of the seven-member committee overseeing the Ondo APC governorship primary.

The argument started after some members party gathered at the BON Hotel, Akure, where the election materials were scheduled to be distributed.

From the crowd, Edema confronted Ododo, saying that election materials were to be distributed to several wards in the state.

The aspirant added that Ovie Omo-Agege, secretary of the primary election committee, had announced that “accreditation will start by 10 am, to be completed by 1 pm while voting proper will start by 1 pm and end by 2 pm”.

Edema then accused the committee of breaching the protocols for the exercise.

In response, Ododo said election materials have been sent to wards in the north and south senatorial districts in the state.

“I came in this morning as early as past eight for this national assignment to humanity. You claim that there has never been material issued to any of the 203 wards,” the governor said.

“From the brief I have gotten from the secretary of this APC primary election, that of the north and south have been released since morning. And it remains that of the central, which is what we have been trying to sort out.”

Reacting, Edema said his ward is located in the state’s south senatorial district and “the returning officer who ought to collect materials for my ward, Mahin Ward II in Ilaje local government area, is here and unable to collect any materials”.

“I’m from Ilaje LGA. [Voting material] has not been sent there. How did it arrive there? Through what medium? I have been here by 6:30 am,” the governorship aspirant said.

“I am one of the aspirants. The returning officer who ought to collect material for my ward, Mahin Ward II, in the Ilaje local government area, is here and unable to collect any materials. He has been here since seven o’clock. No material was given to him.”

The confrontation then climaxed into shouts and heated exchanges.

A total of 171,922 accredited members for the APC gubernatorial election in the state. The exercise is scheduled to take place across 203 wards in 18 LGAs.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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