The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Glano Nigeria Limited over an indebtedness of over N2 billion. The move was in compliance with an order from Honourable Justice I.N. Buba of the Federal High Court Lagos Division.
AMCON has taken possession of the Glano Nigeria Limited property located at No. 22 Woji Road Port Harcourt, the Rivers State Capital. The property had been under the management of Sterling Law Alliance since 2019. The court also ordered AMCON to take all necessary steps to realize the assets of the obligor within the judicial division.
The case of Glano Nigeria Limited and its promoter has been ongoing since 2013 when the loan was purchased during the third phase of Eligible Bank Assets (EBA) from United Bank for Africa (UBA) Plc. Despite AMCON’s efforts to resolve the matter amicably, the obligor and his company remained recalcitrant and unwilling to repay the debt.
Jude Nwauzor, Head Corporate Communications Department of AMCON, confirmed the enforcement. He stated that the Corporation had enforced the properties on April 6, 2023, as ordered by the Federal High Court. The enforcement was carried out in a seamless manner with the assistance of the Nigerian Police Force, officials of the court, and other security agencies.
AMCON was created to revive the financial system by resolving the non-performing loan assets of banks in the Nigerian economy. The Corporation has done remarkably well in stabilizing the financial sector, but it is now focused on recovering its huge investments in the sector.
With the re-energized AMCON Act signed into law by President Muhammadu Buhari and strong judicial support, AMCON’s management, led by Ahmed Kuru, Managing Director/CEO, has switched its recovery strategy to enforcement mode. The government agency has been rapidly responding to enforcement activities across the country, despite daunting recovery challenges posed by obligors.