Business & Finance

Jimoh Ibrahim Loses NICON, Oil Company, Houses To N50Bn Debt


Billionaire businessman, Jimoh Ibrahim might be on his way to losing some of his biggest assets that include NICON Investment Limited and Global Fleet Oil and Gas Limited as well as luxurious homes in Lagos, Abuja and Dubai.

According to a report by Punch Newspaper, a Federal High Court in Lagos has granted an interim injunction to the Asset Management Corporation of Nigeria to take over some assets belonging to Ibrahim, over an alleged N50bn debt.

The the order which was delivered by Justice Saliu Saidu, following an application by AMCON’s lawyer, Yusuf Ali (SAN), would subsist until a suit filed by AMCON against Ibrahim and his companies was fully determined.

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It was further reported that Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited are also affected by the court order.

Justice Saidu was also 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.

AMCON claimed 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.”

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