14 Deap Capital directors’ assets seized by AMCON over N1.6bn debt

AMCON

14 Deap Capital directors’ assets seized by AMCON over N1.6bn debt Following the ruling of Justice Chukwujekwu Aneke of the Federal High Court, Lagos, on January 18, 2021, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to 14 directors of Deap Capital Management and Trust Plc. over an indebtedness of N1.6 billion. In a statement, the corporation said it took effective possession of the seven properties as listed by the court through its debt recovery agent, Etonye & Etonye, on February 23. According to the statement,…

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AMCON set to launch national carrier with Arik, Aero planes

AMCON

AMCON set to launch national carrier with Arik, Aero planes   The planned takeoff of the national carrier, Nigeria Eagle, has reached an advanced stage as the Asset Management Corporation of Nigeria (AMCON) is reported to be pooling together its aviation assets, largely from the seized aircraft from Arik Air and Aerocontactors Airlines. According to an anonymous source who is familiar with the development, the national carrier is likely to commence operations in June this year and will have in its fleet a minimum of 10 aircraft. AMCON is expected…

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AMCON clarifies position on Pan Ocean’s N240bn debt

AMCON

The Asset Management Corporation of Nigeria (AMCON) has said that it is yet to finalise an ‘out-of-court settlement’ with the management of Pan Ocean Group, over the latter’s N240 indebtedness. In a statement signed Wednesday in Lagos, Jude Nwauzor, the head, corporate communications, AMCON,  “Justice A.M. Liman in suit No. FHC/L/CS/722/20 ordered AMCON and its assigned designate to take over several oil mining and oil prospecting licenses that are exemplified by OML 147 (formerly OPL 275), OML 152 and OML 98 respectively. “The order also mandated AMCON to take over…

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AMCON takes over firm’s asset over N4bn debt

AMCON

Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited. This followed the order of Justice M.S. Hassan of the Federal High Court, Lagos division who granted AMCON’s request to take over the asset over an indebtedness of over N4 billion. 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.…

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AMCON deploys new strategies to recover N5trn debt

AMCON

Ahmed Kuru, the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), has said the corporation has developed a new receiver framework for its recovery agents. As part of the corporation’s efforts to recover the outstanding N5 trillion debt, he said it also disengaged some of its receivers for non-performance. Kuru said this in a statement on Sunday, titled ‘N5 trillion recovery possible if AMCON unleash full powers – legal experts’. The statement said he spoke at the first seminar for AMCON receivers/receiver managers in general enforcement in Abuja.…

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N500m Debt: AMCON takes over Polema Industries’ assets

AMCON

Acting on the rulings of Justice F.O.G. Ogunbanjo of the Federal High Court, Abuja, the Asset Management Corporation of Nigeria (AMCON) has taken over a factory and other assets belonging to Polema Industries Limited and its chief Promoter, Chief Emmanuel Obi, over an indebtedness of over half a billion naira. In a statement, the corporation said: “In compliance with the order, AMCON, through Barr. Chike Adaka of Elite Law, the Debt Recovery Agent, who also received protective orders from the court on Wednesday, June 24, 2020, took effective possession of…

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