AMCON takes over Glano Nigeria’s assets over N2.4bn debt
The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Glano Nigeria Limited over N2 billion in debt.
The takeover was announced on Monday In a statement by Jude Nwauzor, the head of the corporate communications department of AMCON.
He revealed that the takeover was done in compliance with an order of Justice I. N. Buba of the Federal High Court Lagos Division.
He said on April 6, AMCON took possession of Glano’s property in Port Harcourt in a seamless manner as directed by the court.
The court directed the Nigerian police force, officials of the court, and other security agencies to assist AMCON in securing the assets.
He noted that the court ordered the takeover after looking into efforts made by AMCON to resolve the loan amicably.
“In compliance with the enforcement order, AMCON on Thursday, April 6, 2023, took effective possession of Glano Nigeria Limited’s property located at no. 22 Woji Road Port Harcourt, the Rivers state capital, which had been under the management of Sterling Law Alliance since 2019.
“Apart from granting AMCON possession of the property situated at no. 22 Woji Road Port Harcourt, the court also ordered AMCON to take all necessary steps required to realize the assets of the obligor within the judicial division, by seizing and taking any money bank notes, cheques, bills of exchange, promissory note, and all forms of bonds of security for money, with a view to realizing the huge outstanding debt.
“The case of Glano Nigeria Limited and its promoter has been a protracted issue because the loan was purchased during the third phase of eligible bank assets (EBA) from United Bank for Africa (UBA) Plc way back in 2013.
Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor and his company, Glano Nigeria Limited, remained recalcitrant and unwilling to repay the huge debt to the corporation.”
