The Asset Management Corporation of Nigeria (AMCON) has seized the assets of Afrijet Airlines, which is owned by Chief Vitalis Ibe, due to unpaid debt of almost N10 billion. The takeover was based on an interim injunction granted against the airline by Justice Chuka Obiozor of the Federal High Court, Lagos Division. AMCON has also taken of Afrijet Plaza, the corporate head office of the airlines.
The court ruling has also restrained Ibe and his companies from operating or tampering with the funds in his bank accounts in Nigeria.