Business - Companies
Updated: November 19, 2020

Here Are List Of Hotels, Real Estate Properties Jimoh Ibrahim Lost To Debt

By Olalekan Fakoyejo
November 19, 2020
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Global Fleet Oil & Gas Limited has been shutdown by Asset Management Corporation of Nigeria (AMCON), as Nigerian businessman, Jimoh Ibrahim, loses his properties to the government agency over debt worth NGN69.4 billion.

AMCON clampdown on several properties belonging to Ibrahim due to the bad debt, freezing accounts, shutting down NICON Investment Limited, and many other hospitality companies owned by Ibrahim.

The clampdown followed a Federal High Court order by Justice R.M. Aikawa, in Lagos, which gave AMCON possession of all shares belonging to Ibrahim. The property takeover was effected by Pinheiro Legal Partners, AMCON’s debt recovery agent.

Other Affected Properties

Properties seized from Ibrahim includes 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.

Also on the list of seized properties are; 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. Ibrahim also lost Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited to AMCON.

What You Need To Know About The Loan

AMCON had purchased the debt from Union Bank, as part of its duties to weigh into debt issue between companies and lenders. The debt was purchased by AMCON to give Ibrahim more time to fulfill his debt obligation, but avenues to resolve the debt amicably yielded no result on the part of Ibrahim.

"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.”