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18 Nov, 6 tweets, 4 min read
JUST IN: Following order of Hon. Justice R.M. Aikawa of FHC (Lagos Division), #AMCON has taken possession of 12 prime assets belonging to Barrister Jimoh Ibrahim, chief promoter of #Global Fleet Oil & Gas Ltd and #NICON Inv. Ltd in Lagos & Abuja over indebtedness of nearly N70bn.
In addition, the Court also ordered freezing of all accounts belonging to Barrister Jimoh Ibrahim and his coys. incl. Global Fleet Oil & Gas Ltd and NICON Inv. Ltd. all of who are defendants in Suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa on Wednesday Nov. 4, 2020
''The court also granted AMCON possession over all shares belonging to the embattled Barrister Jimoh 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''
12 properties taken over include:
-Building of NICON Investment Ltd, Abuja
-NICON Hotels Limited, Abuja
-NICON Lekki Limited, Lagos also at No. 5, Customs Street, Lagos.
-Abuja Intl Hotels Ltd
-Property at Plot 242, Muhammadu Buhari Way, Abuja;
-Former Allied Bank Building, Lagos
-Energy House, Lagos
-NICON Building at No. 40, Madeira Street, Maitama, Abuja; -Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos;
-NICON Hotels Building, Lagos
-NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
Curtain finally falls on the business empire of one of Nigeria's billionaire boys club (BBC) of the 1990s to 2000s era - #airline #hotels #petrolstations #realestate #insurance #oil #politics #banking and more. #AMCON

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Frontier Africa Reports Profile picture
18 Nov
JUST IN: @EximBankUS Sub-Saharan Africa Advisory Committee Conducts First Open Meeting for 2020-2021 today. Meeting focused on Competition with #China, @EximBankUS Support for U.S. Exports to Sub-Saharan Africa @BBoason @AgnesGitau @alykhansatchu @HelenCRobertson @BBatwooki
After #SAAC Chairman #Dan Runde convened the meeting, @EximBankUS President and Chairman #Kimberly Reed delivered remarks highlighting the important work of the #SAAC, as well as #EXIM's Program on China and Transformational Exports when it comes to exports to the region.
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Frontier Africa Reports Profile picture
18 Nov
News: "President Buhari and Four Other Nigerians Make it to the AEC’s Top 25 Movers & Shakers List for 2021", writes @energy_african @BBoason
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Frontier Africa Reports Profile picture
18 Nov
JUST IN: @afreximbank has released Afreximbank African Commodity Index (AACI) for Q3. Composite index fell marginally 1% QoQ due mainly to pull-back in energy sub-index, but agric commodities sub-index rose to become the top performer beating gains in base & precious metals.
Recurrence of adverse commodity terms of trade shocks has been the bane of African econ., and in tracking movements in commodity prices, #AACI highlights areas requiring pre-emptive measures by the Bank, stakeholders policymakers in member countries & global institutions
@afreximbank #AACI 3Q 2002:
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Frontier Africa Reports Profile picture
17 Nov
BREAKING: The G-17 "Industrial production rose 1.1 percent in October. The index has recovered much of its 16.5 percent decline from February to April, but output in October was still 5.6 percent lower than its pre-pandemic February level." @BBoason @ARISEtv @THISDAYLIVE
The output of utilities rose 3.9 percent, while the output at mines declined 0.6 percent to a level that was 14.4 percent below its year-earlier reading. At 103.2 percent of its 2012 average, total industrial production was 5.3 percent lower in October than it was a year earlier.
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Frontier Africa Reports Profile picture
16 Nov
Cairo, 16 Nov 2020: – @afreximbank today in Cairo released its unaudited financials for 9-mths ended 30 Sept 2020. Notwithstanding the impact of the pandemic, the Bank recorded net income of $217.06mn (2019: $225.36mn), showing a slight decrease on the comparable period last year
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Net Interest Margin as a result rose to 3.37% (2019: 3.32%) reflective of cost-effective management of interest expense coupled with the relatively higher average yields sustained on the Bank’s interest-bearing assets.
Read 6 tweets

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