Assets belonging to businessman, Jimoh Ibrahim will be taken over by the Asset Management Corporation of Nigeria as a federal high court sitting in Lagos has granted an interim injunction to that effect.

Ibrahim is alleged to owe AMCON over N50 billion.

The order will affect the following companies: NICON Investment Limited, Global Fleet Oil and Gas Limited, Nigeria Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

The presiding judge, Justice Saliu Saidu, said the injunction would be in place until a suit instituted by AMCON against Ibrahim is heard and determined.

During this period, neither Ibrahim nor any of his companies can withdraw from their bank accounts, the court ordered.

The asset management company claims that it has had “protracted negotiations and court battles” with Ibrahim over his N50 billion debt to the company.

“To deal with the situation, however, AMCON recently increased the tempo of its recovery activities using firmer negotiation strategies as well as utilising the special enforcement powers vested by the AMCON Act to compel some of its debtors, especially those that are politically exposed and business heavyweights, to repay their debts,” it said.