Highly indebted Nigerian tycoon Jimoh Ibrahim declares for Senate

Jimoh Ibrahim, a controversial Nigerian business mogul, has formally declared his intention to run for the Ondo South Senatorial District on the platform of the APC.

Ibrahim made the announcement this week in Igbotako, Okitipupa Local Government Area, Ondo State, in Nigeria’s southwestern region, after meeting with APC leaders and chieftains in Wards 1 and 2 of Igbotako.

Ibrahim, a lawyer, thanked the APC leaders for believing in him and stated that the purpose of the meeting was to prepare for the party’s primary election in May.

The tycoon said he needed to keep the leaders informed about his political interests.

“I made the decision after due consultations with family members, APC stakeholders, and chieftains of Igbotako Ward 1 and Ward 2. There is need for a representative who have capacity to make life-changing impacts in the senatorial district. People will benefit more from the largesse in the district when I become a senator because I have a large heart to bring positive transformation to the senatorial district,” Ibrahim said.

Ibrahim was formerly in the opposition Peoples Democratic Party, where he was a factional governorship candidate four years ago. He moved to the APC in 2020.

His declaration comes as his companies owe the Assets Management Corporation of Nigeria a N69-billion ($165 million) debt, which the agency claims Ibrahim “has no intention whatsoever to pay.”

Ibrahim is the founder of Global Fleet Group, a conglomerate based in Nigeria with business interests and subsidiaries in neighboring West African countries.

Ibrahim, a Harvard-trained lawyer, tried to make a career by buying up distressed companies and turning them around. However, he has ended up further running down the companies that he acquired and rendering them comatose, hence earning himself the sobriquet, “The Undertaker,” in Nigerian corporate and social circles.