I don’t owe Union Bank N69.4bn, says Jimoh Ibrahim

I don’t owe Union Bank N69.4bn, says Jimoh Ibrahim

Jimoh Ibrahim has refuted debt claims by Union Bank of Nigeria, saying he does not owe the bank N69.4 billion. The Asset Management Corporation o

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Jimoh Ibrahim has refuted debt claims by Union Bank of Nigeria, saying he does not owe the bank N69.4 billion.

The Asset Management Corporation of Nigeria, AMCON had seized his assets and froze his and his companies’ bank accounts 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 said that Union Bank is actually indebted to his group of companies as they currently have £220 million deposit with the bank. According to TheCable, a document 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.