AMCON And Jimoh Ibrahim Settles Out Of Court

Jimoh Ibrahim

Respite is gradually coming the way of Jimoh Ibrahim after the court eventually vacated an asset freeze order against his assets.

As a result of an ongoing out of court settlement, Justice Abdulazeez Anka vacated the order after Jimoh Ibrahim’s lawyer applied for the same reason.

Last month, AMCON had dragged Jimoh Ibrahim, the owner of NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited over a NGN50 billion debt owed to AMCON.

AMCON had in 2008 bought all the debt from Union Bank. EFCC’s counsel said the judgement is “in the spirit of good faith to show that we are doing this to promote equity and justice, we agree that the ex parte order should be suspended so that parties can explore the issue of settlement.”

“We have an agreement that each of the parties will nominate one chartered accountant each that will carry out forensic audit of the account. Since Union Bank is the principal bank that gave out the loan, the accountants will meet at Union Bank’s headquarters and they are to report back within two weeks.”

Jimoh Ibrahim is a diversified business owner with former and present interests in aviation, insurance, real estate and oil. He purchased Virgin Nigeria, Nigeria’s national carrier in 2010 after Nigeria’s partnership with Virgin Atlantic collapsed.

However, trouble started when the airline soon folded up barely two years he took over. AMCON accused him of diverting airline bailout funds he ought to have used for running the airline.

AMCON is battling over 400 parties consisting of companies and individual debtors who are owing the corporation in toxic debt obligations bought by the corporation in the aftermath of the banking crisis. The corporation said NGN4 trillion is the total debt owed to its and it will not rest until chronic debtors pay up.



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