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Tag: AMCON

  • Alleged N69.4 billion debt: Jimoh Ibrahim loses bid to vacate order on seized assets

    Alleged N69.4 billion debt: Jimoh Ibrahim loses bid to vacate order on seized assets

    A Federal High Court in Lagos has declined to vacate an interim order through which the Asset Management Corporation of Nigeria (AMCON) seized properties belonging to a businessman Jimoh Ibrahim for an alleged N69.4billion debt.

    Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, had in a motion on notice, prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts”.

    They further prayed the court to order AMCON to pay N50billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.

    But Justice Rilwan Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s lawyer, Kemi Pinheiro (SAN) that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020.

    The judge refused Ibrahim’s prayers and ruled that the order subsists.

    Ibrahim, a lawyer, was in court, fully robed.

    Recall that Justice Aikawa made the interim order on November 4, and on November 18, AMCON announced that it had effectively taken over 12 properties belonging to the businessman and his firms.

    The properties included the NICON Investment Ltd building Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Ltd building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Ltd also at No. 5, Customs Street, Lagos.

  • Senate okays Kuru as AMCON MD, two other EDs

    Senate okays Kuru as AMCON MD, two other EDs

    Senate on Wednesday confirmed the nomination of Ahmed Lawan Kuru for reappointment as the Managing Director of the Asset Management Corporate of Nigeria (AMCON).

    The Upper Chamber also approved the reappointed of Eberechukwu Uneze and Aminu Ismail as Executive Directors of AMCON.

    The approval of the Senate followed the presentation of the report of the Senate Committee on Banking, Insurance and other financial Institutions by its Chairman, Senator Uba Sani (Kaduna Central) during plenary.

    Sani in his presentation said that the nominees were found to have performed their roles creditably during screening.

    He therefore recommended that the nominees be confirmed for appointment.

    Senators approved the recommendations of the committee when they were put to voice vote by the Senate President Ahmad Lawan.

    Lawan in his remarks noted that the nominees had performed and urged them to perform better during this their last and final tenure.

    Similarly, the upper chamber also approved the nomination of Bello Hassan and Mustapha Mohammed Ibrahim for appointment as the Managing Director and Executive Director respectively of the Nigerian Deposit Insurance Corporation (NDIC).

    This followed the report of the Chairman, Senate Committee on Banking, Insurance and other financial Institutions, Senator Sani.

    Senator Sani in his report recommended that the two nominees be confirmed for appointment for the respective offices by the Senate based on their performance at the screening session.

    Senators approved that the nominees be confirmed for appointment when Senate President Ahmad Lawan put the recommendations in the report to voice vote.

    Also, on Wednesday the Senate President Lawan referred President Muhammadu Buhari’s request for the appointment of new Service Chiefs and that of ex-Service Chiefs for appointment as envoys to the relevant committees for screening.

    The new Service Chiefs before the Senate for confirmation are Chief of Defence Staff, Major-General Leo Irabor, Chief of Army Staff, Major-General Ibrahim Attahiru, Chief of Naval Staff, Rear Admiral Awwal Zubairu Gambo and Chief of Air Staff, Air-Vice Marshal Isiaka Oladayo Amao.

    The ex-Service Chiefs being considered for appointment as ambassadors are Major-General Abayomi Gabriel Olonisakin (rtd), Major-General Tukur Buratai (rtd), Rear Admiral Ibok-Ete Ekwe Ibas (rtd), Air Vice Marshal Sadique Abubakar (rtd) and Air Vice Marshal Mohammed Usman (rtd).

  • N69.4b debt: Jimoh Ibrahim asks court to reverse assets seizure

    N69.4b debt: Jimoh Ibrahim asks court to reverse assets seizure

    The Federal High Court sitting in Lagos has fixed Tuesday to hear an application by businessman, Jimoh Ibrahim, seeking to set aside an interim order which authorised the Asset Management Corporation of Nigeria (AMCON) to take over his properties over an alleged N69.4 billion debt.

    Justice Rilwan Aikawa adjourned the case on Monday after hearing arguments from Mr Ibrahim’s counsel and a Senior Advocate of Nigeria (SAN), Niyi Akintola.

    The judge had made the seizure order in a ruling on November 4 while AMCON announced on November 18 that it had effectively taken over 12 properties belonging to the businessman and his firms.

    The properties include the NICON Investment Limited building (Plot 242, Muhammadu Buhari Way, Central Business District, Abuja), NICON Hotels Limited building (Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja), and the building of NICON Lekki Limited (No 5, Customs Street, Lagos).

    AMCON’s action is against Ibrahim, NICON Investment Limited, and Global Fleet Oil and Gas Limited.

    Displeased with the seizure of his assets, Ibrahim and his firms, through Akintola, approached the court with a motion on notice, seeking to discharge the interim seizure order.

    They contended that the court made the seizure order in error because AMCON allegedly concealed material facts in its ex-parte application leading to the seizure order.

    The applicants urged the court to set aside the order for “non-disclosure and misrepresentation of material facts.”

    They also prayed the court to order AMCON to pay them N50 billion indemnity for their alleged “failure to conduct due diligence before obtaining the said order sought to be set aside and for misrepresentation and concealment of fact.”

    Ibrahim and others described the move by AMCON leading to the seizure order as an abuse of court processes.

    But AMCON, through its lawyer and SAN, Kemi Pinheiro, vehemently opposed the defendants’ motion on notice and prayed the court to dismiss same.

    A lawyer in AMCON’s legal department, Imelda Raheem, said, “The plaintiff, at the time of obtaining the orders on the 4th day of November, 2020, made full and substantial disclosure of all material facts in relation to the subject matter of this suit.”

  • N784m debt: Court rules in AMCON’s suit against Ogboru

    N784m debt: Court rules in AMCON’s suit against Ogboru

    The Federal High Court in Lagos has fixed February 2, 2021 to rule on whether or not it has jurisdiction to entertain an application filed by the Asset Management Corporation of Nigeria seeking to seize the funds in the bank accounts of the 2019 governorship candidate of the All Progressives Congress in Delta State, Chief Great Ogboru, and his firm, Fiogret Limited.

    AMCON said it was seeking to recover a judgment debt of N784m from Ogboru and his firm.

    Justice Maureen Onyetenu fixed the date last week after taking arguments from AMCON’s lawyer, Mr Kunle Ogunba (SAN), and counsel for Ogboru and his firm, Chief Nelson Imoh.

    In an ex parte application filed before the judge, AMCON said the N784m debt arose from a July 5, 2013 consent judgment entered in its favour by Justice Okon Abang.

    The corporation said contrary to its expectation, about seven years after Justice Abang’s judgment, Fiogret Limited and Ogboru “have not taken any step(s) to satisfy/liquidate the judgment sum and the accruable interest.”

    AMCON said its investigation revealed that Fiogret and Ogboru had accounts in 22 banks in Nigeria. It prayed the court to summon all the banks to disclose how much Fiogret Limited and Ogboru had with them and for the court to make an order attaching the funds “to prevent the judgment debtors from dissipating their funds with the various garnishees (banks).”

    The corporation said this was the only means by which it could “reap the fruits of its hard-earned judgment in the suit herein.”

    But Fiogret Limited and Ogboru are challenging Justice Onyetenu’s jurisdiction to hear AMCON’s ex parte application seeking the seizure of their funds.

    The firm and the businessman said they had already appealed Justice Abang’s July 5, 2013 judgment up to the Supreme Court, while their Motion on Notice praying for a stay of execution of the judgment was also pending before the apex court.

  • Jimoh Ibrahim denies owing Union Bank N69.4bn

    Jimoh Ibrahim denies owing Union Bank N69.4bn

    A Nigerian businessman, Jimoh Ibrahim has stated that he does not owe Union Bank of Nigeria Plc N69.4 billion.

    Recall that the Asset Management Corporation of Nigeria (AMCON) seized assets and froze bank accounts belonging to Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited over the alleged debt.

    A justice of the federal high court in Lagos, R.M. Aikawa also granted AMCON possession of all shares belonging to Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

    Reacting to the development, Ibrahim said Union Bank is actually indebted to his group of companies as they currently have £220 million deposit with the bank.

    A document shared with TheCable showed that NICON Investment deposited £130.720m with Union Bank on April 30, 2010.

    The businessman also said some of the assets linked to him by AMCON didn’t belong to him.

    Doubting the eligibility of the court order obtained by AMCON, Ibrahim said the agency had filed an ex-parte in March and the order was obtained “eight clear months after when an ex-parte motion should be heard speedily in a matter of hours or days”.

    According to Ibrahim, AMCON got an interim order on November 5 which would only last for two weeks and expire on November 19.

    Ibrahim said that the conflict has been ongoing since 2016 as a similar order was obtained by AMCON in that year which the court discharged.

  • AMCON freezes Jimoh Ibrahim’s accounts, seizes assets over N69bn debt

    AMCON freezes Jimoh Ibrahim’s accounts, seizes assets over N69bn debt

    Assets belonging to a Nigerian businessman and politician identified as Jimoh Ibrahim have been seized over a N69.4 billion debt, the Asset Management Corporation of Nigeria (AMCON) discloses.

    This is contained in a statement released by AMCON on Wednesday.

    According to the statement, Bank accounts belonging to Ibrahim and his companies, including Global Fleet Oil & Gas Limited and NICON Investment Limited, were also frozen.

    Assets taken over by Pinheiro Legal Partners, AMCON’s debt recovery agent include the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.

    Others are the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.

    A justice of the federal high court in Lagos, R.M Aikawa also granted AMCON possession of all shares belonging to Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

    Reacting to the development, AMCON’s spokesperson, Jude Nwauzor confirmed that all the assets that are listed by the court have been successfully taken over with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.

    Nwauzor explained that no incidents were recorded during the enforcement activities at all the locations.

    “The matter between Barrister Jimoh Ibrahim and the corporation has been interminable since the loan was purchased by the government debt recovery agency during the first phase of eligible bank assets (EBA) purchases from Union Bank in the early days of AMCON,” the statement read.

    “Since the purchase of the EBA from Union Bank, AMCON has offered the obligor incredible exit opportunities to no avail. And as is tradition, AMCON has for years explored all avenues to resolve the debt amicably, but Barrister Jimoh Ibrahim and his companies – Global Fleet Oil & Gas Limited and NICON Investment Limited, have remained recalcitrant and unenthusiastic to repay the huge debt, which has left AMCON with no other choice than to activate the full force of its amended Act, signed into law last year by President Muhammadu Buhari”.

  • 99 years after legal tussle, Church recovers property in Lagos

    99 years after legal tussle, Church recovers property in Lagos

    The possession of a large expanse of land leased to a Lebanese-owned firm G Ambrosini & Co has been recovered by the Cathedral Church of St Jude Ebute Meta in the Diocese of Lagos Mainland Thursday after 99 years and 10 months of legal tussle.

    WITHIN NIGERIA learnt that the property known as Ambrosini Properties on No. 102 Borno Way, Ebute-Meta, Lagos was returned to the church officials by the Assets Management Corporation of Nigeria (AMCON).

    Recall that AMCON had taken possession of the land sequel to a Federal High Court order, after buying a debt from the United Bank for Africa (UBA) as part of its debts recovery mandate.

    Ambrosini, which signed the lease with the church on October 21, 1920 for a period of 99 years, transferred the lease to G. Cappa, on April 27, 1953, which in turn staked it as a guarantee for the UBA loan.

    The church’s solicitor Mr. Tayo Oyetibo, SAN, said the church drew the corporation’s attention to its title to the land and the expiration of the lease.

    The church, he noted, had expected a difficult recovery process, but the reverse was the case.

    Oyetibo said: “Our expectation was that we were going to have a long drawn battle with them (AMCON), but the way God works – because you are doing His work and He took over the battle – AMCON wrote, acknowledging that the church owns the reversionary interest…”

    The handover ceremony, he explained, was the consequence of AMCON’s acknowledgement of the church’s freehold title.

    The Lord Bishop of the Diocese of Lagos Mainland, Rt Rev Akinpelu Johnson, thanked Mr. Oyetibo; the Deputy Chancellor of the Diocese, Justice Bukola Adebiyi and former AMCON Chairman Dr Muiz Banire for making the recovery possible.

    He challenged the Cathedral Church of St Jude to find a way to utilise the land, “such that this great property will help the work of God that He has committed to our hands to prosper…”

    For the Dean of the Cathedral Church of St Jude, Venerable Olufeyisanjo Ojelabi, it was a historic “day of joy”.

    He noted that recovering the property cost the church “No Kobo” and thanked those who made that possible, in particular, the Deputy Chancellor Justice Adebiyi.

    He pledged that the Ambrosini Recovery Committee would recommend the best way to put the property to use.”

    AMCON Credit Officer Ndom Ita, who signed the hand over documents on behalf of the corporation, said all the issues around the property had been resolved.

    “The official hand over of this place to the church means that there is no encumbrance concerning the property, everything has been resolved.”

  • Toke Makinwa Breaks Silence On Her ‘Eviction’ From Banana Island Home By AMCON

    Toke Makinwa Breaks Silence On Her ‘Eviction’ From Banana Island Home By AMCON

    Toke Makinwa has broken her silence in reaction to trending reports that her Banana Island home was seized by Asset Management Corporation of Nigeria (AMCON).

    There were rumours on the internet on Monday that the media personality had lost her Banana Island home to AMCON.

    Recall that an Instagram blogger had alleged that Toke lost her home to AMCON.

    A statement by her publicist, Andrea Manuela Giaccaglia, however, denied the reports adding that said Toke is the sole owner of her Ikoyi property and that it has not been confiscated.

    “On behalf of Ms. Toke Makinwa, we would like to address the rumour circulating the internet that Ms. Toke Makinwa’s alleged house in Banana Island was taken over by the Asset Management Corporation of Nigeria (AMCON). Ms. Toke is the sole owner of her residence in Ikoyi.

    Our lawyers have been contacted and legal action will be taken against the originators of this story. Kind Regards, Toke Makinwa’s Management.

  • I’m the sole owner of my house, Toke Makinwa denies reports her Ikoyi home has been taken over by AMCON

    I’m the sole owner of my house, Toke Makinwa denies reports her Ikoyi home has been taken over by AMCON

    Following viral online reports that her Ikoyi home been repossessed by the Asset Management Corporation of Nigeria, AMCON, Toke Makinwa has reacted.

    Earlier today July 27, Nigerian Twitter went wild after some users of the app claimed that her ”Banana Island property” had been taken over by AMCON.

    However, a statement released this evening by her publicist, Andrea Manuela Giaccaglia, states that Toke is the sole owner of her Ikoyi property and that it has not been confiscated by AMCON. The statement adds that legal action will be taken against the originators of the report that her house has been taken over by AMCON.

    The statement reads

    ”On behalf of Ms. Toke Makinwa, we would like to address the rumour circulating the internet that Ms. Toke Makinwa’s alleged house in Banana Island was taken over by the Asset Management Corporation of Nigeria (AMCON).

    Ms. Toke’s is the sole owner of her residence in Ikoyi.

    Our lawyers have been contacted and legal action will be taken against the originators of this story.

    Kind Regards

    Toke Makinwa’s Management

  • Toke Makinwa’s Banana Island house allegedly taken over by AMCON

    Toke Makinwa’s Banana Island house allegedly taken over by AMCON

    Media girl and entrepreneur, Toke Makinwa has allegedly lost her Banana Island house to Asset Management Corporation of Nigeria (AMCON).

    According to a gist from Gistmerchant blog on Instagram, Toke’s house was given to her by her “sugar daddy”, Lagos-based oil and gas businessman, Dr. Festus Fadeyi, whose total indebtedness to AMCON is over N240 billion.

    Recall that earlier this month, AMCON took possession of Fadeyi’s Pan Ocean Oil Corporation Nigeria Limited, its affiliate companies and other properties, over an unpaid N240 billion loan debt.

    It could also be recalled that about a month ago, Toke revealed that she bought her dream house (the Banana Island house), at the age of 35.

    In 2017, billionaire Fadeyi’s children warned Toke to leave their father alone. They were angry with the way he splurges on her. They also believed he was squandering too much money on her even though he is heavily indebted to Skye Bank.

    Read the post from Gistmerchant below…

    Toke Makinwa’s Banana Island house allegedly taken over by AMCON