According to the Asset Management Corporation of Nigeria (AMCON), it has acquired Glano Nigeria Limited’s assets in exchange for a debt of more than N2 billion.
In a statement released on Monday, it claimed that this was in accordance with an order made by Federal High Court Lagos Division Honorable Justice I. N. Buba.
The statement recalled that AMCON, which was founded to recover bad debt on behalf of the Federal Government of Nigeria, had been patiently waiting until 2018 despite being embroiled in a protracted legal dispute with Glano Nigeria Limited and its promoters since 2016.
The court ultimately chose to support AMCON’s takeover of Glano Nigeria Limited after considering the entire case, particularly the efforts AMCON made to resolve the loan amicably without the obligor’s cooperation, it claimed.
The property owned by Glano Nigeria Limited and located at No. 22 Woji Road in Port Harcourt, the capital of Rivers State, had been managed by Sterling Law Alliance since 2019. In accordance with the enforcement order, AMCON took effective possession of the property on Thursday, April 6, 2023.
“The court ordered AMCON to take all necessary steps to realize the assets of the obligor within the judicial division, by seizing and taking any money bank notes, paychecks, bills of exchange, promissory note, and all forms of bonds of security for money, to realize view to realizing the huge outstanding debt,” reads the court’s order granting AMCON possession of the property located at No. 22 Woji Road in Port Harcourt.
It was also mentioned that the loan was acquired from United Bank for Africa Plc back in 2013 during the third phase of eligible bank assets, which made the case of Glano Nigeria Limited and its promoter a lengthy one.
The obligor and his company, Glano Nigeria Limited, have since remained recalcitrant and unwilling to repay the enormous debt owed to the company, according to AMCON, which has said it has explored all options to settle the matter amicably.
Jude Nwauzor, the head of AMCON’s corporate communications department, stated in the statement that the enforcement came after a protracted, meticulous legal battle.
According to the Federal High Court’s order, “The Corporation finally enforced on the properties on April 6, 2023,” he said.
He claimed that the enforcement process went smoothly in part because the court had also instructed the Nigerian Police Force, court employees, and other security agencies to help AMCON secure the assets.
