AMCON seizes assets of investment firm owners over N4 billion debt

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The Asset Management Corporation of Nigeria (AMCON) on Monday said it has taken over assets belonging to Frank and Lilian Okwudili over a staggering indebtedness of about N4 billion.

A statement by the corporation said the decision followed the order of Justice M.S. Hassan of the Federal High Court, Lagos division.

The statement said the Okwudilis are the chief promoters of Geedee Zulu Investment Limited.

“In compliance to the enforcement order, AMCON on Monday August 31, 2020, commenced the process of effective possession of the properties through its Debt Recovery Agent – Prime Chamber Law Firm,” AMCON said in a statement on Monday.

“The takeover, which has now been completed include property situate at No. 4 Ekulu Close, GRA Enugu, Enugu State and property Along Gborji Road, Aguluezechukwu in Anambra State.”

Jude Nwauzor, Head of Corporate Communications Department of the corporation, who confirmed the takeover, however, stated that all avenues for a peaceful resolution were explored to no avail before AMCON made the decision to seek justice in the court of law.

AMCON, he said, tried everything possible to let the obligor see reasons but “noticed a deliberate disdain towards all previous engagements with the chief promoters of the enforced company.”

The case of Geedee Zulu Investment Limited and its promoters has been interminable since the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank in 2011, the statement said.

AMCON said since the purchase of the EBA, it has offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously.

The obligor and his company Geedee Zulu Investment Limited, have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON, Mr Nwauzor said.

“With no further option left, the government agency resorted to the court as mandated by the AMCON Act, which was amended by the 8th National Assembly and signed into law by President Muhammadu Buhari,” the statement said.

“The amended AMCON Act provides the Corporation additional powers to go after AMCON obligors especially those of them that have perfected the act of taking advantage of the shortcomings of the Act before its amendment.”

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