Nigeria’s dangerous debt decision company, Asset Administration Company of Nigeria (AMCON), plans an all-out seizure of belongings of recalcitrant debtors within the weeks forward because the company seeks to get well some N5 trillion locked up in dangerous money owed bought throughout a bailout interval for the banking sector.
A supply within the know of the operations of the company on the weekend acknowledged that AMCON would seize extra belongings of recalcitrant debtors within the weeks forward because the company and its skilled companions tighten authorized noose on debtors and their belongings.
The supply acknowledged that the company could be leveraging on the extra powers granted it beneath its amended Act, which supplies the company with wider energy for prosecution and enforcement in opposition to the debtors.
AMCON on the weekend took over the belongings of Mr. Ike Nwabuoku, the Chief Promoter of Unicorn Place & Leisure Companies Restricted over excellent indebtedness of over N1.three billion. The takeover adopted the order of Justice Saliu Saidu of the Federal Excessive Court docket, Lagos division.
In compliance to the enforcement order, AMCON took efficient possession of two properties by its Debt Restoration Agent – Kayode Ajekigbe of Chris O. Okunowo & Co, which included properties located at 1 & 2, Kwara Avenue, Osborne, Ikoyi, Lagos and Plot 23 Block 65, Lekki Peninsula Residential Scheme, each in Lagos State.
The court docket additionally ordered that the financial institution accounts of the corporate and its main stakeholders, Ike Nwabuoku and one different Ifechukwu A. Onyema, be frozen pending the ultimate willpower of the swimsuit.
The takeover of Unicorn Place & Leisure Companies got here on the heels of comparable takeover of two buildings belonging to Doggi Group Restricted in high-brow areas of Asokoro and Katampe Hills in Abuja over the agency’s indebtedness.
AMCON famous that the case of Unicorn Place & Leisure Companies and its promoters had been interminable as a result of the mortgage was bought by AMCON throughout the first part of its Eligible Financial institution Belongings (EBA) purchases from Keystone Financial institution since 2011.
In accordance with AMCON, because the buy, it had provided the obligor varied concessions and explored avenues to resolve the debt harmoniously, however the obligor and his firm Unicorn Place & Leisure Companies have remained recalcitrant and unenthusiastic to repay the massive debt to AMCON.
Head, Company Communications, Asset Administration Company of Nigeria (AMCON), Jude Nwauzor, mentioned all avenues of peaceable decision had been explored to no avail earlier than AMCON made the onerous determination, which led to the eventual takeover of the belongings.
He mentioned AMCON prior to now held a number of conferences with the obligor and arrived at agreements in precept, however the obligor all the time made a turnaround to default, leaving AMCON with no different choice than to method the court docket and within the knowledge of the honourable court docket secured the order to take over.
He assured that even with the rampaging instances of the Coronavirus pandemic, AMCON has no intention of slowing down in reaching its restoration mandate