Jimoh Ibrahim

Nigerian billionaire, Jimoh Ibrahim is probably having the fight of his life as he contends with a court order which effectively freezes his personal assets and those of some of his companies. The order granted by Justice Saliu Saidu of the Federal High Court, Lagos was at the request of the Asset Management Corporation of Nigeria (AMCON) which claimed that Jimoh Ibrahim’s companies are indebted to it to the tune of N50 billion.

However, the presiding judge said that the injunction would be in force until the suit filed by AMCON against the renowned businessman was fully determined. The injunction listed the affected companies as 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.

By this ruling, Ibrahim and the affected companies will also, not have access to their bank accounts in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, Citibank Plc, Sterling Bank Plc, Heritage Bank Limited, Fidelity Bank Plc, First City Monument Bank Plc, Stanbic IBTC Bank Plc, Union Bank Plc and Unity Bank Plc.

Following the court order, AMCON reportedly went ahead to take possession of the assets mentioned in the order. The corporation claimed that it became necessary to follow the legal process which has earned them the right to seize the defendants’ assets since they had, like other debtors had become “recalcitrant” resulting in protracted negotiations and court battles. The corporation also claimed that it was owed over N4.5 trillion by a combined set of 400 obligors.

Jimoh Ibrahim however claimed that AMCON acted in error by seizing his assets. “An interim order of any court lasts for 14 days. AMCON is executing the interim order even when the judge has not signed the execution writ. We have since filed an application to discharge the interim order. I am not in the category of people that AMCON or anybody can intimidate. It is laughable and a wild ambition to say anyone in Nigeria can seize my property. What a day dream!!, he said.