Unpaid Debt: AMCON takes over AfriJet Airlines, Vitalis Ibe’s assets

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The Asset Management Corporation of Nigeria (AMCON) on Friday continued its debt recovery drive by taking over the assets of some big debtors.

Pursuant to the order of Justice Chuka Obiozor of the Federal High Court, Lagos Division, AMCON took over the assets of Afrijet Airlines Limited owned by Vitalis Ibe, over a debt of almost N10billion.

AMCON had purchased the bank assets sometime in 2011 from the defunct FinBank and Bank PHB.

The court order also affected Mr. Ibe’s Continental Aviation Services Limited for which Gbolahan Elias, a Senior Advocate of Nigeria, SAN, has since been appointed Receiver/Manager.

On Friday, the Receiver/Manager took possession of Afrijet Plaza, the corporate head office of the airlines located on Sheraton-Opebi Link Road Ikeja, Opebi, Lagos, along with another asset located at Plot 22, Jimoh Odutola Street, off Eric Moore Road, Surulere, Lagos, as well as Mr. Ibe’s office at the Airport.

The court had ordered the takeover of other offices, branches, stores, warehouses, factories belonging to Mr. Ibe, wherever they may be to help recover the debt. 

While granting the order on the application by counsel to AMCON, Justice Obiozor restrained Mr. Ibe and his companies, directors, agents, servants and/or privies from operating, withdrawing from or otherwise tampering with the funds belonging to and/or deposited in any of his bank accounts in Nigeria.

Negotiations on the debt have gone on with AMCON for a long time.


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To enforce the order, the court also ordered the police authorities in Lagos State to assist the Receiver/Manager and the bailiffs of the Federal High Court in doing their job.

Afrijet Airlines formally operated from the NAHCO Building in the Murtala Muhammed International Airport in Ikeja, Lagos, was also a cargo operator  in the Democratic Republic of Congo.

Afrijet Airlines still maintains an aviation maintenance shop with its sister company, Elite Aviation.


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