Meet Jimoh Ibrahim, A Former Nigerian Billionaire With Over N69.4Billion In Debt.

Jimoh Ibrahim is a Nigerian Entrepreneur and a Former Billionaire with businesses across several sectors such as the oil and gas, hospitality, aviation, banking, real estate, and insurance Sector. He recently made headlines after the Asset Management Corporation of Nigeria (AMCON) seized a large majority of his assets and bank accounts over his alleged 69.4 Billion Naira debt.

Childhood and Education

Jimoh Ibrahim was born on the 24th of February 1967 in Okitipupa, Ondo State. He started his primary education at Igbotako and finished his secondary school at Saint John’s School.

He then proceeded to Obafemi Awolowo University in Ile-Ife Osun State where he bagged a Bachelor’s degree in Law and a Master degree in Public Administration.

Furthering his education, He attended the prestigious Harvard University in the United States, where he bagged an additional degree  Master of Laws & International Taxation.

He also earned an Executive Master of Business Administration (EMBA) degree at the University of Cambridge Judge Business School and a Master of Science in Programme Management at Saïd Business School, University of Oxford.

Entrepreneur Career

Jimoh Ibrahim began his entrepreneurial journey as an undergraduate in the university. He made money from organising law seminars for local governments in Nigeria, in order to teach them how to make their own laws.  He also made money from organising workshops for top government officials.

When the Federal Government was having challenges recovering its withholding tax from multinational oil companies, Ibrahim Jimoh sent in a proposal on how he could help recover the funds. He executed the proposal to the letter, recovering billions of naira for the government and earning himself a fortune as well.

Establishing the petroleum marketing company Global Fleet Oil and Gas in 2004, Jimoh Ibrahim became of the Nation’s top entrepreneurs to reckon with. The Company whose aim is to buy struggling fuel stations in the market bought about 150 fuel stations in a year and was making about $1 million daily in oil and gas sales.

He also Founded the Energy Commercial Bank, in Ghana in 2009, the company was an arm of the Energy Group, one of the largest African conglomerates with diversified interests in banking and financial investment.

The Group also acquired 100% of the Oceanic Bank (STP) in June 2011, changing its name to Energy Bank Sao Tome & Principe (STP) and making it another arm of the Energy Group and a subsidiary of the Global Fleet Group.

Jimoh Ibrahim is a major stakeholder in Virgin Nigeria and also the  Managing Director of NICON Insurance and one of its subsidiaries, Nigeria Reinsurance Corporation in Lagos state.

In the hospitality industry, He acquired the former Le Meridian Hotels in 2003 and changed its name to NICON Luxury Hotel. He also acquired 51% of Newswatch Communication Limited, and the only stakeholder of the Global Media Mirror and the National Mirror, making him one of the major stakeholders in the Nigeria media industry

Political Career

Prior to his entrepreneur career, Jimoh Ibrahim contested to become the governor of Ondo State in 2003 as the flag bearer of All Nigeria People’s Party (ANPP). He also contested for the same position in 2016 on the platform of the People’s Democratic Party (PDP). His bid to become the governor of Ondo state was unsuccessful on both occasions

Ibrahim also served as the Chairman of the board of the Corporate Affairs Commission (CAC) in Nigeria, from April 2009 to December 2012. It was quite a turbulent tenure that saw the CAC workers embarking on industrial action in May 2011 to push for his removal.