AMCON seizes Glano Nigeria’s assets over N2.4bn debt

The Asset Management Corporation of Nigeria (AMCON) has taken possession of assets belonging to Glano Nigeria Limited over an indebtedness valued at N2.4 billion

Jude Nwauzor, head of the corporate communications department of AMCON, in a statement dated April 17,2023, said the takeover followed the order of Justice I. N. Buba of the Federal High Court Lagos Division.

According to the statement, AMCON, which was established to recover bad debt on behalf of the federal government, had been in an endless court battle with Glano Nigeria Limited and its promoters since 2016, but had waited patiently till 2018.

AMCON said the court finally decided to back its takeover of Glano Nigeria Limited,having looked at the case in its entirety, especially regarding efforts AMCON made to resolve the loan amicably without cooperation from the obligor.

The statement noted that AMCON had on Thursday, April 6, 2023,taken effective possession of Glano Nigeria Limited 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 in compliance with the enforcement order.

“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 realise 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 realising the huge outstanding debt,” the statement partly read.

According to AMCON, the case of Glano Nigeria Limited and its promoter had been a protracted issue because the loan was purchased during the third phase of eligible bank assets from United Bank for Africa Plc way back in 2013.

Since then, AMCON said it had 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.

The statement added that the enforcement was carried out in “a seamless manner”, especially as the court had also directed the Nigerian police force, officials of the court, and other security agencies to assist the corporation in securing the assets.