AMCON, Jimoh Ibrahim bicker over NICON Hotels sale

29th June 2021

The Asset Management Corporation of Nigeria (AMCON) and billionaire businessman Jimoh Ibrahim are at daggers drawn over the sale of NICON Hotels. The new feud in the NICON Hotels ownership and sale followed an advertorial o Monday in some leading newspapers. The advertorial was captioned: “Caveat Emptor: This Hotel is not for sale.” In its reaction, AMCON described the advertorial as ‘false’ and told the public to disregard it. In a statement, Receivership/Manager NICON Investment Limited, Global Fleet Oil & Gas Limited, Taiwo Lakanu, a retired Deputy Inspector-General of Police (DIG), said: “The attention of Asset Management Corporation of Nigeria (AMCON) has been drawn to the false advertorial, which was published in some leading newspapers in Nigeria on Monday June 28, 2021. The advertorial was captioned: Caveat Emptor: This Hotel is not for sale.” Lakanu asked the public to disregard the misleading advertorial because NICON Hotel is for sale. He said in the statement: “The hotel is under a Receivership/Manager appointed by AMCON following a protracted court battle between AMCON (Plaintiff/Applicant) and the trio of NICON Investment Limited, Global Fleet Oil & Gas Limited and Barrister Jimoh Ibrahim all of whom are defendants in suit No: FHC/L/CS/776/2016 for the recovery of N69.4billion debt owed AMCON.” The retired police chief explained that Honourable Justice R.M. Aikawa of the Federal High Court, Lagos Division had presided over the matter on November 4, 2020 and ordered AMCON to take possession of the following properties belonging to NICON Investment Limited, Global Fleet Oil & Gas Limited and Barrister Jimoh Ibrahim together with appurtenances thereto and all moveable properties contained therein. According to him, the listed properties by the court, which AMCON was ordered to take over include: NICON Investment Limited’s building at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited’s building, Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja; NICON Lekki Limited’s building, No. 5, Customs Street, Lagos; Property at No. 25B and 25C, Kayode Abraham Street, Victoria Island, Lagos; Abuja International Hotels Limited’s building – No. 3, Hospital Road, Lagos as well as NICON building No. 40, Madeira Street, Maitama, Abuja and a host of other assets. “It is also on record that attempts made by Barrister Jimoh Ibrahim and others to set aside the order of the court, which gave AMCON possessory order over the assets of the three defendants in the matter was summarily dismissed as Honourable Justice R.M. Aikawa made by the court on November 4, 2020, subsists. Therefore, AMCON reserves the right to sell the assets as provided in the AMCON Act as amended,” Lakanu said.