TheCable

The Asset Management Corporation of Nigeria (AMCON) has taken over the assets belonging to eight obligors within the last 21 days.

The corporation, on Wednesday, took over assets belonging to Deap Capital Management and Trust Limited over a N1.6 billion debt.

AMCON said John Tsoho, when he was a justice of the federal high court in Lagos, ruled in its favour against the company on January 28, 2015.

According to a statement by Jude Nwauzor, AMCON spokesman, Abdullah Muhammad Liman, another justice, granted the corporation leave to attach and sell properties traced to Emmanuel Ugboh, the chief promoter of the company.

In compliance with the order, AMCON said it seized three properties located at 38, Dele Orisabiyi Street, Okota-Isolo, Lagos; No. 75 Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street) Okota, Lagos;  and 79, Femi Kila Street (now renamed 75, Oba Kabiru Agbabiaka Street), Lagos through its debt recovery agent.

The debt was said to have been purchased from Zenith Bank and First City Monument Bank in 2011 during the first phase of eligible bank assets (EBA) purchases.

AMCON said it has enforced on other properties linked to Ugboh as those used for collateral were inadequate to cover the debt.

FIVE SEIZURES IN 21 DAYS

Apart from seizing assets belonging to Deap Capital Management and Trust Limited, AMCON has seized assets from obligors in the last 21 days.

On June 18, it seized assets belonging to Doggi Group and Umaru Baba Abdullahi, its promoter, over an indebtedness to the tune of N400 million.

The properties seized were located at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory (FCT), Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.

AMCON said it purchased the loan from Union Bank during the first phase of Eligible Bank Assets (EBA) purchase in 2011.

On June 26, the corporation seized properties belonging to Knight Rook Ltd (under AMCON Receivership), Fibigboye Estates Ltd, and Grant Properties Ltd over a N9.8 billion debt.

The asset seized was Fagbems Petrol Station sitting on 30 hectares of prime land near OPIC Estate.

On June 27, it seized assets belonging to Unicorn Place & Leisure Services and Ike Nwabuoku, its promoter, over a N1.4 billion debt purchased from Keystone Bank.

Properties seized include those situated at 1 & 2, Kwara Street, Osborne, Ikoyi, Lagos and Plot 23 Block 65, Lekki Peninsula Residential Scheme, both in Lagos state.

Polema Industries and Emmanuel Obi, its promoters, were next on June 29 over a N500 million debt.

AMCON took over two factories located at KM 5, Osisioma Industrial Layout in Aba, Abia state and 32/34 Faulks Road also in Aba as well as 31, Okigwe Road, also in Aba.

The loan in question was purchased from the defunct FinBank (now FCMB) in 2011.

On July 2, AMCON seized assets belonging to Festus Fadeyi and Pan Ocean Group. AMCON said they were holding on to debt of over N240 billion.

Assets including oil mining and oil prospecting licenses like OML 147 (formerly OPL 275), OML 152 and OML 98 were seized.

Seven properties located in Lekki, Ikoyi and Victoria Island were also seized.

AMCON was established in July 2010 to help resolve non-performing loans of banks. At present, the corporation holds about N5.4 trillion in bad loans.