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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

Enugu LGA chairman appoints aides on garden egg, pepper, yam

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Eric Odo, chairman of Igbo Etiti LGA of Enugu state, has appointed Ezeugwu Ogbonna as senior special assistant on agriculture (yam and pepper).

The appointment is contained in a letter dated November 1 and addressed to Ogbonna.

“I am pleased to inform you that the executive chairman Igbo Etiti LGA has approved your appointment as senior special assistant to the local government chairman on agriculture (yam and pepper),” the letter reads.

“You should report to the executive chairman Igbo Etiti LGA, Ogbede, for briefing and deployment.

“It is pertinent to note that this is not a career civil service appointment but a temporary appointment which you hold at the pleasure of the executive chairman of Igbo Etiti LGA.”

Odo also appointed Nwodo Ugonna as special adviser on garden egg and pepper.

The council chairman did not outline the specific duties of the appointees.

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Politics

Ondo guber: Obi, NLC ruined my chances of winning, says LP candidate

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Ayodele Olorunfemi, candidate of the Labour Party (LP) in the Ondo governorship election, says Peter Obi and the Nigeria Labour Congress (NLC) ruined his chances of winning.

On Sunday, the Independent National Electoral Commission (INEC) declared Lucky Aiyedatiwa, candidate of the All Progressives Congress (APC), as winner of the poll.

The governor secured 366,781 votes in all 18 LGAs to defeat his closest rival Agboola Ajayi, candidate of the Peoples Democratic Party (PDP), who polled 117,845 votes.

The LP candidate secured 1,162 votes, finishing fifth from bottom in the 17-candidate off-cycle election.

On the eve of the election, INEC substituted Olusola Ebiseni with Olorunfemi.

On September 27, the federal high court in Abuja directed INEC to recognise Ebiseni as the LP candidate.

The party appealed the ruling, and the appellate court struck out the earlier judgment for lack of jurisdiction.

The umpire said it had restored Olorunfemi’s name as the LP candidate in line with the court judgment.

“The commission was yesterday 14th November 2024 served with the certified true copy (CTC) of the judgment of the court of appeal which set aside the judgment of the federal high court (FHC), Abuja division,” the statement reads.

“In obedience to the court order, the commission has restored Olorunfemi Ayodele Festus, whose name was first published as the Labour Party candidate for the 2024 Ondo state governorship election, and uploaded the same to our website for public information.”

In the buildup to the election, Obi endorsed Ebiseni and described him as “someone who believes in a Nigeria rooted in fairness, equity, and justice”.

“It is this conviction that propelled me to travel by road to Ondo state yesterday to campaign alongside our Labour Party Governorship Candidate, Hon. Sola Ebiseni — a candidate I believe possesses the competence and capacity to govern the State effectively,” Obi said.

‘THEY SCUTTLED MY ASPIRATION’

Speaking with PUNCH, Olorunfemi alleged that Obi and NLC sabotaged his governorship bid.

He admitted that his last-minute campaign was poorly organised and ineffectual.

“My campaign for the election was neither here nor there. I have Peter Obi and the NLC to thank for that. They have scuttled my aspirations and chances to win this Ondo election,” Olorunfemi said.

“These people spoilt things for us with that PDP reject they wanted to force on the party. Their insistence on having Ebiseni on the ballot ruined everything for me.

“They just capitalised on the crisis between the Labour Party and the Nigeria Labour Congress to create problems.

“Can you imagine that Ebiseni wrote a letter to the court in my name without my knowledge, saying I have withdrawn from the race? They cannot exclude me from such a position.”

Olorunfemi admitted that he knew his chances of winning were slim after his reinstatement, adding that he is determined to “get his pound of flesh”.

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Politics

‘He wanted me to succeed him’ — Aiyedatiwa dedicates victory to Akeredolu

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Lucky Aiyedatiwa, Ondo state governor-elect, says he wishes Rotimi Akeredolu, his late principal, was alive to witness his victory.

Aiyedatiwa, the incumbent governor of Ondo, secured victory in all 18 LGAs, garnering 366,781 votes to defeat his closest rival, Agboola Ajayi of the Peoples Democratic Party (PDP), who polled 117,845 votes.

Aiyedatiwa took over the leadership of the state after Akeredolu died from protracted prostate cancer in 2023.

Speaking in an interview on Channels Television after his victory, Aiyedatiwa said Akeredolu wanted him as his successor.

“How I wish he was present in that banquet hall when I was declared in the company of other brother governors. That would have been really good, but God knows better,” he said.

“It is so sad and painful that he didn’t live to see the manifestation of what he himself spoke about. I do refer to him sometimes as the man who saw tomorrow.

“He knew that I was going to succeed him as governor. He knew because he wanted me to and was ready to give me the full backing.”

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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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