Debts: Jimoh Ibrahim Drags AMCON, Dangote

Barrister Jimoh Ibrahim, the embattled owner of NICON Insurance and Nigeria Re. has described his debt servicing ratio as the lowest among strong business moguls in the country disputing assertions to the contrary by the Assets Management Corporation of Nigeria, AMCON.

He said his current debt servicing ratio is put at 9 percent, while that of Dangote is 13 percent.

Alhaji Aliko Dangote is presently Africa’s richest man with an estimated net worth of $11.1 billion.

In a statement made available to newsmen, Jimoh who claimed to be the first doctoral candidate of the University of Cambridge Business Management Science explained that the debt servicing ratio of Nigeria stands at 98 percent, while USA and UK’s stand at 105 percent and 85 percent respectively.

Jimoh Ibrahim, therefore, challenged Asset Management Corporation Of Nigeria (AMCON) to name who’s a businessman with a first-class score.

According to the 54-year-old business mogul, the Google rating of his net asset is over one billion dollars, adding that the data showed excellent asset specificity.

He said: “I collateralized a loan of N26 billion with £130.7 million British pound sterling (at  5% interest rate now £245m or N178 billion). So, if you buy my loan, where is my cash collateral is the question.”

Ibrahim described AMCON as a lawless organisation which the World Bank and IMF had condemned.

He said: “AMCON should not drag Federal Government’s economic policy into self-interest and I am sure that President Buhari will not support economic injustice because ‘an unjust order is an invitation to Anarchy.’

GreenWhiteGreen GWG reports that Jimoh Ibrahim before his loan issues with AMCON had been hailed in Nigeria as the turnaround expert.

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