AMNCON reveals details on Jimoh Ibrahim’s N70bn debt, NICON takeover

Asset Management Corporation of Nigeria has said that following a High Court order, it still remains in charge of assets belonging to a Nigerian businessman, Jimoh Ibrahim.

In a recent statement from the corporation on Thursday, it was said that Ibrahim’s current indebtedness to AMCON stood at nearly N70bn.

The statement, signed by Head of Corporate Communications at AMCON, Jude Nwauzor, said Justice A. R. Mohammed of the Federal High Court Abuja Division had on Monday ordered AMCON, NICON Insurance Limited, Nigeria Reinsurance and Ibrahim to maintain the status-quo-ante until September 8, 2021, when the court would hear all pending applications on the matter.

Nwauzor said the matter between Ibrahim and AMCON had been interminable since the loan was purchased by the government debt recovery agency during the first phase of Eligible Bank Asset purchases from Union Bank in the early days of AMCON.

The statement read, “AMCON and BPE, on July 21, received approval from the National Insurance Commission to constitute a new board and management of NICON Insurance Limited and Nigeria Re.

“The change was to enhance the smooth running, efficient and effective management of the two firms previously owned by the recalcitrant debtor and businessman.

“The reason for the changes in the board and management of the two insurance firms was sequel to the takeover of the major investor’s interests in the two organisations, and the Bureau for Public Enterprises who worked in partnership with AMCON to bring the much-needed stability in the operation of the organisations.”

AMCON said the reconstitution of the board and management team of the two insurance institutions in Nigeria was to ensure that the firms remained transparent and accountable.

It said, “After the constitution of the boards, Jimoh Ibrahim belatedly approached the court to obtain an order seeking to stop AMCON from constituting the boards of the two insurance firms.

“But when the case came up for hearing on Monday the 18th of August, the judge ruled that all parties maintain the status quo until September 8, which was agreed by both the counsel to Jimoh Ibrahim and co, C.I. Okpoko, SAN and counsel to AMCON, A.U. Mustapha, SAN.

“The implication is that AMCON is still in charge of all assets of Jimoh Ibrahim and his companies including NICON Insurance Limited and Nigeria Reinsurance Corporation over their heavy indebtedness to AMCON following earlier court rulings, which gave AMCON the power to take over the assets ab-initio.”