‘We’re still in charge’ — AMCON speaks on NICON Insurance, Nigeria Reinsurance take over

The Asset Management Corporation of Nigeria (AMCON) says it is still in charge of NICON Insurance Limited and the Nigeria Reinsurance Corporation (Nigeria Re).

The two assets were properties seized from Jimoh Ibrahim, a Nigerian businessman, over N69.4 billion debt.

In a statement, Jude Nwauzor, head of corporate communications department at AMCON, said the agency is still in charge of Ibrahim’s assets.

The agency made the release following a ruling by A. R. Mohammed, a judge at the federal high court in Abuja on Monday, that all parties should maintain a status quo on the matter.

Last year, AMCON had said it took over the assets following a court order granting it the power to do so.

In February, a federal high court in Abuja set aside the order granting AMCON permission to take over assets belonging to Ibrahim.

The judge had agreed with the business mogul and his firms NICON Investment Ltd and Global Fleet Oil and Gas Ltd that AMCON concealed facts relating to the case to obtain an interim order.

But in July, AMCON announced new board and management members for the two firms saying it received approval from the National Insurance Commission (NAICOM).

The agency said it is working in partnership with the Bureau for Public Enterprises (BPE) to bring the “much-needed stability” in the operation of the organisations.

The agency’s spokesman said Ibrahim had made efforts to reverse the establishment of new board members.

In Monday’s ruling, the court asked all parties to maintain the status quo until September 8, 2021, when the court will hear all pending applications on the matter.

“The implication is that AMCON is still in charge of all assets of Jimoh Ibrahim and his companies including Nicon Insurance Limited and Nigeria Reinsurance Corporation over their heavy indebtedness to AMCON following earlier court rulings, which gave AMCON the power to take over the assets ab-initio,” the statement reads.

“It was also from the courts that AMCON derived the power with which it appointed the Receiver Managers over some of the companies and assets belonging to the recalcitrant debtor.

“It is unfortunate that Jimoh Ibrahim and his cohorts have continued to show wanton disregard to the court directive. They have been misinforming the general public by mischievously misinterpreting the court resolution.

“They have used thugs to physically break into the companies’ premises, to misappropriated documents and assets, and have had the audacity to parade themselves as the legitimate management in these companies.”

The spokesman said the matter between Ibrahim and AMCON “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”.

It said the move to establish a new board in the two firms is “to enhance the smooth running, efficient and effective management of the two firms previously owned by the recalcitrant debtor and businessman”.

AMCON assured the public that it would “not be intimidated to surrender its legal responsibilities”.