The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Glano Nigeria Limited over a N2billion debt.
The taking over followed a Lagos High Court order issued by Justice I. N. Buba.
AMCON said the take over of the property located at No. 22 Woji Road, Port Harcourt, Rivers State followed protracted court battles with the management of Glano Nigeria Limited and its promoters since 2016.
The debt recovery corporation said it made several fruitless efforts to resolve the loan repayment crisis amicably without the cooperation of the company, resulting in its approaching the court to secure the order to back its decision to takeover the company’s assets.
On Thursday, April 6, 2023, AMCON said in compliance with the enforcement order by the court, it effectively took possession of Glano Nigeria Limited property, which had been under the management of Sterling Law Alliance since 2019.
Apart from granting AMCON possession of the property, AMCOn said the court also granted it the right to take all necessary steps required to realise the assets of the obligor within the judicial division, by seizing and taking any money bank notes, cheques, bills of exchange, promissory note, and all forms of bonds of security for money, with a view to realising the outstanding debt.
The spokesperson of AMCON, Jude Nwauzor, said case of Glano Nigeria Limited and its promoter has been a protracted issue because the loan was purchased during the third phase of Eligible Bank Assets (EBA) from United Bank for Africa (UBA) Plc way back in 2013.
Since then, Nwauzor said AMCON had offered the obligor sufficient time and explored all avenues to resolve the matter amicably, but the management remained recalcitrant and unwilling to settle the debt to the Corporation.
“The enforcement on the properties on April 6, 2023 came after a long period of court battle. The Corporation eventually enforced the order by the Federal High Court carried out in a seamless manner, especially as the court had also directed the Nigerian Police Force, officials of the court, and other security agencies to assist AMCON in securing the assets,” Nwauzor said.
Recall that AMCON was created to be a key stabilizing and re-vitalizing tool aimed at The Corporation has done remarkably well in stabilizing the financial sector but is now faced with the hardcore of recovering its huge investments in the sector.
The management of AMCON led by its Managing Director/CEO Ahmed Kuru, is focussing on the enforcement of its enabling laws towards achieving its mandate of helping revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
Despite the challenges posed by the antics deployed by obligors who hide under some technicalities of law to evade repayment, AMCON has resorted to some form of rapid response with its enforcement activities across the country.
