1) The line where the variable %AJM_nicks is set has a ; in front of it, which, in mIRC scripting terms means that the line is a remark, and is not to be processed.
2) The condition
($istok(%AJM_nicks,%ch,44)
is irrelevant, as you are creating the %ch variable from the %AJM_nicks variable, in the line immediately proceeding that line.
3)
$remtok(%AJM_nicks,%ch,44)
is missing the parameter to tell mIRC which occurrence of %ch is to be removed from %AJM_nicks. See /help $remtok
4) By removing %ch from %AJM_nicks, then increasing the %i variable, going from the original variable, the nicks removed would be the 1st, 3rd, 6th, 10th, etc.
5) You have an additional inc %i in your code, which would execute after the loop has finished.