The Asset Management Corporation of Nigeria (AMCON), on Thursday, debunked what it called false narrative spreading on social media over its recent takeover of the NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re), for which new boards and managements were constituted over the nearly N70bn indebtedness of Barrister Jimoh Ibrahim.
This corporation, in a statement by Jude Nwauzor, Head, Corporate Communications Department, said is based on an order by Justice Ahmed Ramat Mohammed of the Federal High Court Abuja Division on Monday that AMCON, NICON Insurance Limited, Nigeria Reinsurance (Nigeria Re), and Barrister Jimoh Ibrahim should maintain status-quo-ante until September 8, 2021, when the court will hear all pending applications in the matter.
He said the ruling was agreed by both the counsel to the plaintiffs, C.I. Okpoko, SAN, and counsel to AMCON A.U. Mustapha, SAN, pending the determination of the applications, and arguments heard on the motion on notice with a possible ruling.
The implication, the statement added, “is that AMCON is still in charge of all assets of Jimoh Ibrahim and his companies including NICON Insurance Limited and Nigeria Reinsurance Corporation over their heavy indebtedness to AMCON following earlier court rulings, which gave AMCON the power to take over the assets ab-initio. It was also from the courts that AMCON derived the power with which it appointed the Receiver Managers over some of the companies and assets belonging to the recalcitrant debtor.”
The corporation further described as unfortunate the fact that Ibrahim and his cohorts continue to show wanton disregard to the court directive, misinforming the public by mischievously misinterpreting the court order.
“They have used thugs to physically break into the companies’ premises, to misappropriated documents and assets, and have had the audacity to parade themselves as the legitimate management in these companies,” it added, while reassuring stakeholders that AMCON, being a law-abiding institution shall not be intimidated into surrendering its legal responsibilities.
More so, it stressed, the “insurance entities are public assets, striped and destroyed by persons with a known track record of mismanagement, criminality and outright disrespect to all that is prudent, ethical and normal.”
It further assured stakeholders that such mischief would be short-lived as AMCON has the backing of the courts to deal with such rascality.
The statement recalled that the matter between Barrister Jimoh Ibrahim and AMCON, the statement continued, has remained interminable since the loan was acquired from Union Bank during the first phase of Eligible Bank Assets (EBA) purchases.
AMCON and BPE had on July 21, received approval from the National Insurance Commission (NAICOM) to constitute a new board and management for NICON Insurance Limited and Nigeria Reinsurance Corporation (Nigeria Re) to enhance their smooth running, efficient and effective management.
The changes, it explained, followed the takeover of Ibrahim’s majority interests in both organisations, with the Bureau for Public Enterprises (BPE) partnering with AMCON to bring much-needed stability in the operation of the organisations.
Reconstituting the board and management team of the firms, the statement continued, was to ensure transparent and accountable management of insurance in the country and continue to deliver value to its stakeholders.
It was after the boards had been reconstituted, according to Nwauzor, that Ibrahim belatedly approached the court to obtain an order seeking to stop the action.
