• Business - Companies
  • Updated: November 20, 2020

AMCON Faceoff: Jimoh Ibrahim Accuses Union Bank of Owing Him £220 million

AMCON Faceoff: Jimoh Ibrahim Accuses Union Bank of Owing Him

Founder of Global Fleet Oil & Gas Limited, Jimoh Ibrahim, has denied owing Union Bank of Nigeria NGN69.4 billion, stating that reverse is the case. The debt dispute has led to a confrontation between Jimoh and the Asset Management Corporation of Nigeria (AMCON).

AllNews had reported that the businessman's properties were seized due to debt owed by Ibrahim to Union Bank which AMCON bought to offload the bad debt burden on Union Bank. The properties seized are more than ten, including hotels and other real estate properties.

In his reaction to AMCON's clampdown on his properties, Ibrahim said he isn't indebted to Union Bank and has been at loggerheads with AMCON over the debt issue which had led to AMCON requesting for a court order in 2016, the court discharged the request.

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A recent court order had led to the seizure of Ibrahim's properties, granting the government agency the power to seize the properties through its debt recovery agent, Pinheiro Legal Partners. But Ibrahim said some properties linked to him by AMCON were not his.

Ibrahim Claims Union Bank Is Indebted To Him

According to The Cable, Ibrahim said his group of companies is owed by Union Bank, as they currently have a £220 million deposit with Union Bank. Explaining further, Ibrahim said as of April 30, 2010, NICON Investment - one of the many properties seized by AMCON - deposited £130.720 million with Union Bank.

Ibrahim went on to question the validity of the court order which AMCON utilised to shut down his businesses. He said AMCON 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”.

He also disclosed that the court order obtained on November 5 by AMCON, is interim, which will expire on November 19 - that means it will last for two weeks.

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