Jimoh Ibrahim Denies Owing Union Bank N69.4bn

Jimoh Ibrahim

Jimoh Ibrahim, a Nigerian businessman, says he does not owe Union Bank of Nigeria Plc N69.4 billion.

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.

R.M. Aikawa, a justice of the federal high court in Lagos, 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.

In reaction, Ibrahim told TheCable that 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.

The Cable

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