A Federal High Court in Lagos has granted an interim injunction to Asset Management Corporation of Nigeria (AMCON) to take over Nigerian billionaire, Jimoh Ibrahim’s assets over an alleged N50bn debt.
This judgement was passed by Justice Saliu Saidu following an application by AMCON that NICON Investment Limited, Global Fleet Oil and Gas Limited and Ibrahim were indebted to it to the tune of over N50bn, resulting in “protracted negotiations and court battles.”
Some of the assets to be taken over include Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited NICON Investment Limited and Global Fleet Oil and Gas Limited as well as luxurious homes in Lagos, Abuja and Dubai.
Justice Saidu was reported to have restrained the billionaire and the companies from making any withdrawal from all their known bank accounts pending the determination of the suit by AMCON.
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