Monday, March 1African Business News
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Tag: AMCON

AMCON takes over Polema Industries assets over N500 billion debt

AMCON takes over Polema Industries assets over N500 billion debt

Business
In effort to fulfil its mandate, the Asset Management Corporation of Nigeria (AMCON), said it has taken over a factory and other assets belonging to Polema Industries Limited, and its chief promoter, Emmanuel C. Obi, over an indebtedness of over half a billion naira. The takeover comes on the order of Hon. Justice F.O.G. Ogunbanjo of the Federal High Court, Abuja, who granted AMCON possession over the company and its assets in Suit No: FHC/ABJ/CS/227/2020. Justice Ogunbanjo also ordered the freezing of all the bank accounts of the company as well as Obi’s. In compliance with the order, AMCON, through Chike Adaka of Elite Law, the Debt Recovery Agent, who also received protective orders from the court on last week Wednesday, took effective possession of Polem...
AMCON takes over Doggi Group assets over N400 million debt

AMCON takes over Doggi Group assets over N400 million debt

Business
The Asset Management Corporation of Nigeria (AMCON), Thursday, took effective possession of the two properties belonging to Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited, over an indebtedness of over N440million. This follows a Federal High Court, Abuja division, presided over by Justice A.I. Chikere granting it order on June 5, 2020, to take over Abdullahi’s assets. Pursuant to the order, AMCON through its Receiver – Mrs. Juliet Benson of Benson Reeds Legal Practitioners, took possession of the two properties situated at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory (FCT), Abuja; and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja. The bad debt agency said the case of Doggi Group Limited and its promoter has been ...