TheCable

The Asset Management Corporation of Nigeria (AMCON) says that it has taken over the assets and frozen the accounts of Unicorn Place and Leisure Services Limited over a N1.3 billion debt.

In a statement on Friday, the corporation said its decision to assume control of the company was based on the order given by Saliu Saidu, a justice of the federal high court in Lagos.

“In compliance to the enforcement order, AMCON on Thursday, June 25, 2020 took effective possession of the two properties through its debt recovery agent – Kayode Ajekigbe of Chris O. Okunowo & Co, which include properties situate at 1 & 2, Kwara Street, Osborne, Ikoyi, Lagos and Plot 23 Block 65, Lekki Peninsula Residential Scheme, both in Lagos state,” the statement read.

According to the statement, the court also ordered that the bank accounts of the organisation and its major stakeholders, Ike Nwabuoku and Ifechukwu A. Onyema be frozen pending the final determination of the suit.

“The case of Unicorn Place & Leisure Services Limited and its promoters has been interminable because the loan was purchased by AMCON during the 1st phase of its Eligible Bank Assets (EBA) purchases from Keystone Bank since 2011,” the statement read.

AMCON said it offered the obligor all sorts of concessions in order to resolve the debt on agreeable terms but the obligor “remained unwilling and showed no interest on repaying the debt”.

Jude Nwauzor (pictured), AMCON head of corporate communications, said the corporation was left with no other option than to approach the court.

AMCON said it will take over a lot more companies in the coming weeks especially with the additional powers in its amended act, which President Muhammadu Buhari signed into law in 2019, which is meant to enable the government recovery agency increase its speed of recovery of the over N5trillion that is still outstanding.

The corporation recently took over assets belonging to Doggi Group Limited in Asokoro and Katampe Hills in Abuja.