Debtors & Recovery | |
Debtors & Recovery | |
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Monday, September 14, 2020 / 11.00PM / Victoria Onu of
The Point / Header Image Credit: AMCON
Following the order of Justice M.S. Hassan of the
Federal High Court, Lagos division, the Asset Management Corporation of Nigeria
has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian
Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited
over an indebtedness of over N4bn.
In compliance with the enforcement order, AMCON
said it had commenced the process of effective possession of the properties
through its Debt Recovery Agent - Prime Chamber Law Firm.
The takeover, which has now been completed, include
property located at No. 4 Ekulu Close, GRA Enugu, Enugu State; and property
Along Gborji Road, Aguluezechukwu in Anambra State.
The Head, Corporate Communications Department of
the Corporation, Jude Nwauzor, who confirmed the takeover in a statement on
Monday, however, stated that all avenues of peaceful resolution were explored
to no avail before AMCON made the decision to seek justice in the court of law.
AMCON, he reiterated, tried everything possible to
let the obligor see reasons but noticed a deliberate disdain towards all
previous engagements with the chief promoters of the enforced company.
The case of Geedee Zulu Investment Limited and its
promoters have been interminable since the loan was purchased by AMCON during
the first phase of Eligible Bank Assets purchases from Union Bank in 2011.
Since the purchase of the EBA, AMCON said it had
offered the obligor all manners of concessions and explored all avenues to
resolve the debt harmoniously.
However, it said the obligor and his company,
Geedee Zulu Investment Limited, had remained recalcitrant and unenthusiastic to
repay the huge debt to AMCON.
With no further option left, the government agency
resorted to the court as mandated by the AMCON Act, which was amended by the
8th National Assembly and signed into law by President Muhammadu Buhari.
The amended AMCON Act provides the Corporation
additional powers to go after AMCON obligors, especially those of them that
have perfected the act of taking advantage of the shortcomings of the Act
before its amendment, The Point reports.
Credit:
The post N4bn debt: Court grants AMCON's request to take over
firm's assets first appeared in Thepointng.com on September 14, 2020.
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