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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

Rivers APC asks assembly to resume impeachment proceedings against Fubara

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The caretaker committee of the All Progressives Congress (APC) in Rivers has asked the state’s house of assembly to impeach Siminalayi Fubara, the governor.

In December, the house of assembly withdrew its notice on impeaching Fubara after President Bola Tinubu weighed in on a rift between the governor and Nyesom Wike, minister of the federal capital territory (FCT).

Both men have been at loggerheads over control of the political structure in Rivers.

Addressing a press conference in Port Harcourt on Tuesday, Tony Okocha, chair of the APC in the state, accused the governor of “insulting” Tinubu.

“It’ll be foolhardy for us to sit down and see someone way less than Mr President insult him under our very nose,” he said.

“It is also an absurdity to see the governor espouse impunity and intimidation on people who are members of our political party, and we stand akimbo doing nothing.

“As representatives of Mr President we won’t sit here and see the governor insult the President. We won’t sit here to see the governor declare on his own as if he’s a court to declare Assembly members’ seats vacant.

“To that extent, in consultation with my party, we are directing APC members who are in the Assembly to immediately commence the impeachment of Governor Sim Fubara.

“And if they don’t do that, there’s what they call party discipline, and we shall invoke that section of the constitution and deal decisively with them.”

On Monday, Fubara expressed dismay over the attitude of the assembly members to his administration, adding that the lawmakers only exist because of him.

The governor added that he accepted the peace deal offered by Tinubu because it was a political solution to the rift.

In December, 27 Peoples Democratic Party (PDP) legislators in the Rivers assembly defected to the APC. The seats of 25 of the lawmakers were subsequently declared vacant.

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Politics

Ex-presidential aspirant, Cosmos Ndukwe resigns from PDP

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One of the 2023 presidential aspirants of the main opposition Peoples Democratic Party, Dr Cosmos Ndukwe, has resigned his membership of the PDP.

This is contained in a letter written by the former Deputy Speaker, Abia State House of Assembly, to the Chairman of his Item C Ward in Bende Local Government Area, and copied to the State Chairman of the party, Hon. Asiforo Okere; and the Acting National Chairman, Umar Damagum, respectively.

The former Chief of Staff to the Governor and Commissioner for Works under ex-Gov. Okezie Ikpeazu, cited “personal reasons, current commitments and aspirations” for his decision to quit the PDP.

He commended the party for giving him the platform to come to political limelight, and wished it success in the state.

The letter posted on his Facebook page on Monday morning read, “I hope this letter finds you well. It is with a heavy heart that I compose this correspondence to tender my resignation as a member and stakeholder in the People’s Democratic Party (PDP) Abia State, effective immediately.

“My decision to resign as a member within the party stems from personal reasons and reflections on my current commitments and aspirations.

“After careful consideration, I have come to the conclusion that potting out of PDP is the best course of action for me at this time.

“I am immensely grateful for the opportunities that the PDP has afforded me during my tenure as a Councillor, Deputy Chairman Local Government, Chief of Staff to Executive Governor of Abia State, Deputy Speaker Abia 6th House of Assembly and Presidential Aspirant PDP 2023.

“Serving within the party has been a privilege, and I have valued the relationships I have built with fellow members, as well as the chance to contribute to the party’s objectives and ideals.

” I want to express my appreciation to you, the Ward Executive Committee, and all members of the PDP Abia State for the support and camaraderie extended to me throughout my association with the party.

“While I may be stepping away from my formal role, I remain committed to the principles of democracy and the progress of our great state Abia.

“Please consider this letter as my formal resignation from all duties and responsibilities associated with my position as a member and stakeholder in the PDP Abia State.

“I wish the PDP Abia State continued success in all its endeavors, and I extend my best wishes for the future. Thank you once again for the opportunities and experiences.”

The former Deputy Speaker had in an introductory post to the letter written:

“Good morning friends and well wishers. In life, we all have the past. We all made choices that maybe, weren’t the best ones. None of us is completely a saint,
but we all get a fresh start some day.

“Eccl 3:1-5 summary is on time for everything. To me, this is time to leave PDP family. I am potting out for good, new destination to be announced soon.

“My letter has started its journey to the ward chairman, LG chairman, State Chairman and Ag National chairman”.

The PDP has been hit by the wind of resignation following the exit of former Governor of Imo State, Chief Emeka Ihedioha, and over 20 key members of the party in Imo State including a member of the party’s Board of Trustees (BoT), and zonal officers.

Although the supremacy tussle between former Vice President, Atiku Abubakar, and Minister of the Federal Capital Territory, Mr Nyesom Wike, is believed to be at the centre of crisis rocking the PDP, funding by Vanguard show that Ndukwe may be on his way to the ruling All Progressives Congress, APC, to assist his kinsman, and the Deputy Speaker, House of Representatives, Rt. Hon. Benjamin Kalu.

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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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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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