Lagos — Barrister Jimoh Ibrahim, the Chief Executive Officer of Global Fleet Oil and Gas Limited least expected the setback he suffered last Wednesday when the Federal Government pulled out NICON Insurance PLC and Nigeria Reinsurance Plc from his business empire. He thought he had everything under control, with his pending suit. But he was wrong. Those who have critically followed his rise in the business world were not surprised by his current travails. Yemi Adebowale beams a searchlight on his current travails, his business empire and other growing problems and writes that these may hobble or reverse his business trajectory.

These are certainly not the best of times for Barrister Jimoh Ibrahim, the flamboyant Chief Executive Officer of Global Fleet Oil and Gas Limited. It seems Ibrahim, who prides himself as the "son of a bricklayer in the club of the rich" has finally shot himself on the foot. His flagship, NICON Insurance PLC which has been a subject of controversy for sometime now, was on Wednesday temporarily pulled out of the conglomerate by the Federal Government. Ditto, Nigeria Reinsurance Plc. NICON and Nigeria Re were bought by Assurance Acquisitions Limited owned by Jimoh Ibrahim during the privatisation exercise of the Federal Government.

But the government, obviously startled by the interim report into the acquisitions sacked the boards of directors of NICON and Nigeria Re.

In place of the boards, the government said interim management boards would be constituted to manage the affairs of the two firms for the period of the verification exercise pending final decision on them.

Trouble started for Ibrahim last year, when the Economic and Financial Crimes Commission (EFCC) commenced investigation into the insurance acquisitions - Great Nigeria Insurance inclusive - following petitions written against some of Ibrahim's business deals. There were said to be discrepancies in his acquisition of controlling shares in NICON, Great Nigeria and Nigeria Re. Newspapers were awash with the report. As usual, the flamboyant Ibrahim waved aside the said investigation. For him, the investigation was the handiwork of detractors. Some newspapers even retracted the reports with apologies to Ibrahim.

Clearly, government's hammer on Ibrahim on Wednesday was based on the report submitted by the technical committee on the reappraisal of the insurance and the consultation between Minister of Finance, Dr. Shamsudeen Usman, and the Attorney General of the Federation, Mr. Michael Kase Aondoakaa. The decision to temporarily strip Ibrahim of NICON and Nigeria Re was taken despite the court injunction obtained by Ibrahim, the erstwhile Group Managing Director of NICON, against the Federal Government embarking on the re-appraisal of the recapitalisation exercise of the industry.

Addressing newsmen on the "The Transformation Agenda in the Nigerian Insurance Sector," the Minister of State for Finance, Mr. Femi Babalola, said the National Insurance Commission (NAICOM), the regulatory body for the insurance industry, had been empowered to "administratively undertake" the verification of NICON Insurance Plc and Nigeria Re-Insurance Company both of which, the Federal Government has substantial interest, in accordance with the provision of its Act. The commission, he added, would also dissolve the boards and management of NICON and Nigeria Re and replace with Interim Management Committees for the duration of the verification exercise. According to Babalola, the decision on NICON and Nigeria Re was taken with due regards to the rule of law and the constitution of the Federal Republic of Nigeria "The decision we are taking today is in compliance with what we stand for: due process, constitutionality and the rule of law. We are following the rule of law to the letter," Babalola stressed.

Except for Jimoh Ibrahim, no other Nigerian would have been shocked by this hammer. All along, it was clear that something was wrong with the NICON and Nigeria Re deals. Close followers of the controversy were expecting the hammer. Certain things were just not right in the NICON and Nigeria Re deals. Some sources said the deal that led to NICON sale did not pass a smell test as some documents were alleged to have been forged.

Again, just few weeks after the takeover of NICON, NAICOM moved against the decision of Ibrahim to make himself CEO "because he is not qualified to be CEO." Twice last year, NAICOM wrote to NICON, threatening sanctions if Ibrahim was not removed as CEO. It wrote, " your propose CEO in the person of Jimoh Ibrahim does not posses the prerequisite qualifications and experience as required by section 31(a)(1) and (2) of the Insurance Regulation Act of 2003. NAICOM will apply the appropriate penalty for appointments not approved by it as stipulated by the law. Section 31(a) (1) states that the CEO of an insurance firm with not less than 10 years post qualification experience, seven of which must be at a senior management level.

"In the alternative, section 31 (a)(ii) requires him or her to hold a university degree or its equivalent from a recognised institution with not less than 15 years post qualification experience, 10 of which must be at a senior management level in the technical department of an insurance or reinsurance company. You (NICON) is hereby directed to propose another candidate with relevant experience and qualifications accompanied with photocopies of credentials of the proposed CEO; letter of appointment issued by NICON and acceptance of same by the proposed CEO; letter of resignation of the proposed CEO from immediate previous employer and acceptance of same by the employer, if applicable." Ibrahim snubbed NAICOM and continued in office until Tuesday's hammer by the federal government.

However, many believe Ibrahim is the architect of his misfortune. For many, Jimoh Ibrahim has not really been a good representative of the poor in the club of the rich. Considering his background, many were expecting him to be a humble businessman. This has not been the case. Rather than facing his businesses, Ibrahim spends most of his time boasting about his wealth and attacking other businessmen. Attacking people who have built businesses that have endured for a long time. At a point, he was boasting that he could buy a particular state in the west, if put on sale. Again, his image in the business world has not been that positive. Most of his deals are shrouded in controversy.

Suddenly, his numerous businesses are in danger of collapsing under huge debts. Sources say his conglomerate is struggling with a debt of about N30 billion. No wonder the subsidiaries have become epileptic. NICON Airways is struggling to stay afloat. Its two aircraft have stopped operation. One is grounded in Lagos while the second is has been in Ethiopia for months for C checks. The workers are groaning under several months of unpaid salaries. Those who could no longer endure have gone in search of greener pastures. Sources say the airline is now shopping for $2 million to wet lease two aircraft in other to resume operation. But there are other hurdles ahead. Even if he is able to acquire new aircraft, NICON Airways would have to face re-certification hurdle, because it has not flown for months. Workers are angry that what is happening to the airline is against the much talked about vision of Ibrahim for it. "Jimoh Ibrahim told us that the airline would rise to become one of the most competitive in the industry. This is a far cry from what is happening today. The airline is as good as dead," said a former staff.

NICON Luxury Hotel Abuja, is a shadow of itself. The hotel, formerly Le Meridien, has little to be proud of since its take over. Standards have barely improved, while patronage appears to be dwindling. Global Fleet Oil and Gas has lost its bite.

The rapid rise of Jimoh Ibrahim, whom some would rather call "the mystery money man" has been phenomenal. Just 40, Ibrahim has risen to become one of the most inspiring businessman in Nigeria, with practically a hand in every pie. His Global Fleet Oil and Gas claims to have over 140 petrol stations across the country within three years of its foray into the downstream oil sub-sector. His target is for 1000 stations. But Jimoh Ibrahim is insisting that he made his money through hard work. "I've been pioneer founder of the various workshops on local government in Nigeria. I've coordinated a lot of workshops for local government. I was also Chief Executive consultant to the Federal government on petroleum tax payment and monitoring for a couple of years," he stated in an interview last year.

But suddenly, a dramatic exit from the club of the rich looks imminent for Ibrahim. Perhaps, Ibrahim's fairy tale rise to the pinnacle of the business world is about to crash. The handwriting is on the wall. He must realise that building a business empire that would pass the test of time certainly requires more than just being a genius. A high degree humility are essential.