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Jimoh Ibrahim In N50 Billion Debt Mess

jimoh ibrahimJimoh Ibrahim is now swimming in murky waters of debts as Nigeria’s Asset Management Corporation (AMCON) has taken over his assets worldwide over his debt of N50 billion. Justice Saliu Saidu of the Federal High Court, Lagos Division gave the interim injunction to an application by Mr. Yusuf Ali, Counsel to AMCON. The order restrains NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim from dealing with any assets or funds of the company.  It covers the assets of NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim in Abuja, Lagos, Dubai and London.

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The freezing order also affects all bank accounts held and/or maintained by NICON Investment Limited, Global Fleet Oil and Gas Limited and Barrister Jimoh Ibrahim in First Bank Plc, Guaranty Trust Bank Plc, Diamond Bank Plc, United Bank of Africa Plc, Access Bank Plc, City Bank Nigeria Limited and Sterling Bank Plc.

Others are Ecobank Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Plc, Heritage Bank Limited, Keystone Bank Limited, Skye Bank Plc, Stanbic IBTC Bank Plc, Sterling Bank Plc, Zenith Bank Plc, Union Bank of Nigeria Plc and Unity Bank Plc. The court also ordered the freezing of all bank accounts to which Barrister Jimoh Ibrahim is a signatory either alone or with any other person in NICON Investment Limited, Global Fleet Oil and Gas Limited in any of the banks and financial institution on the list. AMCON was also granted the possessory order to take over Jimoh Ibrahim’s Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL) and NICON Trustees Limited.

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For those who don’t know, Jimoh Ibrahim’s NICON Luxury Hotel and NICON Insurance were sealed up by the enforcement team of Federal Inland Revenue Service, FIRS recently over tax evasion. FIRS sources squealed to us that NICON Luxury Hotel located in Garki, Area 11, Abuja was sealed up for owing about N392, 623,765.00 in unpaid tax liabilities. FIRS officials also sealed up NICON insurance for owing N182,685,036 million in unremitted Withholding Tax and VAT from 2008 to 2012.