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AMCON says Jimoh Ibrahim owes it N70 bln, dismisses claims on Court ruling on NICON

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The Asset Management Corporation of Nigeria (AMCON) has put the outstanding debt of businessman, Jimoh Ibrahim at nearly N70 billion while accusing him of engaging the ‘bad bank’ in interminable legal challenges.

The corporation in a statement on Thursday put the suit between AMCON and Ibrahim in perspective, noting that the corporation remain in charge of NICON Insurance and Nigeria Re in accordance with the ruling of a Federal High Court on August 18.

It said the court has engaged the corporation; NICON Insurance Limited, Nigeria Reinsurance (Nigeria Re) and Barrister Jimoh Ibrahim to maintain the status-quo-ante until September 8, 2021, when the court will hear all pending applications in the matter.

The implication of the court ruling is that AMCON will remain in charge of all assets of Ibrahim and his companies including Nicon Insurance Limited and Nigeria Reinsurance Corporation following earlier court rulings, which gave AMCON the power to take over the assets ab-initio.

AMCON stated that the matter between Ibrahim and the corporation 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.

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The National Insurance Commission (NAICOM) had on July 21 apporved the constitution of a new board and management of NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re).

The corporation said the change in the board and management of the two firms was to enhance the smooth running, efficient and effective management of the two insurance giants, which it said was previously owned by Ibrahim.

AMCON said it tookover the interest of Ibrahim in the two organisations, while the Bureau for Public Enterprises (BPE) worked in partnership with it to bring the much-needed stability in the operation of the organisations.

It said the reconstitution of the board and management team of the two insurance firms was to ensure that the companies continue in their quest for transparent and accountable management of insurance in the country and continue to deliver value to its stakeholders.

This, the Court took note of its ruling on the application for adjournment and directed that all parties maintain the status quo as at date, pending the determination of the applications on September 8, when arguments will be heard on the motion on notice with a possible ruling.

AMCON stated that it derived its power to appointed the Receiver Managers over some of the companies and assets belonging to Ibrahim from the court, noting that the businessman has been misinforming the public on the true position of court resolution on the case between them.

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