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Market Digest Nigeria

Finance

AMCON takes over Inducon Nigeria’s assets

The Asset Management Corporation of Nigeria (AMCON) has said it took over an asset belonging to the Chief Promoter of Inducon Nigeria Limited, Dr. John Abebe, over N1.3bn debt.

 

amcon

In a statement on Sunday from the Head, Corporate Communications Department, AMCON, Jude Nwauzor, titled ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’ it said this followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

“In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.

“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.”

AMCON stated that the case of Inducon Nigeria Limited and its promoters had been interminable shortly after the loan was purchased by AMCON during the first phase of Eligible Bank Asset purchases from the defunct FinBank (now FCMB) since 2011.

Since the purchase, AMCON said it had offered the obligor several concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company had remained recalcitrant and unenthusiastic to repay the huge debt to Asset Management Corporation of Nigeria.

They had consistently reneged on several promises they made in the past during negotiations, it stated.

It said that this prompted the debt recovery agency to evoke the corporation’s asset tracing powers granted it under the AMCON (Amendment No. 2) Act, 2019.

Nwauzor confirmed the success of the enforcement exercise over the weekend but added that all avenues of peaceful resolution were explored to no avail before the hard decision was taken.

He emphasised that the enforcement option was usually the last resort for the corporation whenever a recalcitrant obligor decided to be unreasonable.

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