AMCON takes over Polema Industries’belongings over N500m debt

AMCON takes over Polema Industries’belongings over N500m debt

By Collins Nweze

 

The Asset Administration Company of Nigeria (AMCON) yesterday took over belongings, together with a manufacturing unit belonging to Polema Industries Restricted and its chief Promoter, Chief Emmanuel C. Obi, over N500 million  debt.

AMCON acted on order from Hon. Justice F. O. G. Ogunbanjo of the Federal Excessive Court docket, Abuja, who granted the company possession over the corporate and its belongings in Swimsuit No: FHC/ABJ/CS/227/2020. Justice Ogunbanjo additionally ordered that the financial institution accounts of the corporate in addition to that of Chief Obi be frozen.

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In compliance with the order, AMCON by means of Chike Adaka of Elite Regulation, the Debt Restoration Agent, who additionally acquired protecting orders from the courtroom on Wednesday, June 24, 2020 took possession of Polema Industries.

The corporate is situated at KM 5, Osisioma Industrial Structure, Aba, Abia State; one other at 32/34 Faulks Highway additionally in Aba in addition to 31, Okigwe Highway in the identical metropolis.

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AMCON stated it had realised that peaceable negotiations with the obligor, which has been ongoing for a very long time had damaged down fully. The mortgage in query was bought from the defunct FinBank (now FCMB) in 2011 throughout the first section of Eligible Financial institution Asset (EBA) purchases.

Since then, AMCON has continued to interact the obligor and has prolonged  gentle touchdown to allow him to repay the debt in addition to proceed to run his enterprise all to no avail.

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AMCON takes over Polema Industries’belongings over N500m debt

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