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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More from @FrontierAFR

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.
"EXIM's reach across Africa is extensive, spanning 48 out of 54 countries on the contentment, and our new Program on China and Transformational Exports will help U.S. companies overcome unfair competition." says @EximBankUS chief #Reed
Read 5 tweets
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
Johannesburg, November 18th, 2020: Published every year, the list identifies the leading African and international figures whose work and decisions have a direct impact on the African energy industry and the way Africans access and consume energy. @energy_african @BBoason
''H.E. @MBuhari President of the Federal Republic of Nigeria, is the first listed for his direct involvement in the possible passing and signing of the Petroleum Industry Bill (PIB) in 2021.''
Read 6 tweets
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:
-Energy sub-index fell by 8%
-Agric commodities sub-index rose 13%
-Coffee rose 10%
-Cocoa futures up
-Sugar prices gained
-Cotton at highest level
-Base metals sub-index up 9%
-Precious metals sub-index up 7%
@BBoason
Read 6 tweets
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.
''Capacity utilization for the industrial sector increased 0.8 percentage point in October to 72.8 percent, a rate that is 7.0 percentage points below its long-run (1972–2019) average but 8.6 percentage points above its low in April.'' @federalreserve
Read 6 tweets
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
Net interest income grew by 16% to US$421.77 million (2019: US$362.83 million) mainly due to 18% decline in Interest expense to US$272.44 million in 9M, 2020 compared to US$331.36 million in the corresponding period of 2019.
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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