Jimoh Ibrahim acquired NICON illegally

Jimoh Ibrahim
The National Assembly committee investigating the Bureau for Public Enterprise, BPE, in its handling of the federal Government's privatization exercise was stunned when it was told that Mr. Jimoh Ibrahim of Global Fleet acquired Nigeria Insurance Corporation, NICON illegally.

KPMG and Assurance Acquisition Limited (AAL), in a report submitted to the panel yesterday, disclosed that the Global Fleet chief used forged documents to acquire NICON at over N18 Billion.

But Ibrahim disputed the claim saying at the point of acquisition; he met no money in NICON and injected N17.5 Billion.

But KPMG claimed in the report that Ibrahim withdrew 20 Million Pounds from NICON foreign account in London and stripped the Insurance giant of N6.37 Billion.

“The total assets taken out of the company either directly or through companies wholly owned and controlled by Barrister Jimoh Ibrahim and not properly accounted for amounts to N6.37 billion made up as follows: Investment in NICON Investment Limited, N2.484 billion, proceeds from closure of HSBC Bank 1-Day call and Euro currency accounts, N1.739 billion, balance in the Oceanic Bank Plc domiciliary Account, N1.623 billion, investment in NICON Airways Limited, N350 million.”

“Expenses incurred on behalf of NICON Airways Limited, N192 million; erstwhile GMD's drawings, N12.9 million; expenses incurred on behalf of NICON properties Ltd, N12.5 million; expenses incurred on behalf of NICON investment Ltd, N10.2 million and liquidation of placement with NICON Investment Ltd, N51 million,” it stated.

Meanwhile, Ibrahim said he acquired NICON from the Federal Government for $48 million which was bigger than what the other bidders offered.

 
The Global Fleet boss said he has paid N11 billion on general pensions since the acquisition.

He added that it is the BPE's responsibilities to pay staff pension.

The statement said an audit carried out by KPMD confirmed that NICON was indebted to Ibrahim to the tune of N2 billion when the Federal Government forcefully took over the company from him.