The Asset Management Corporation of Nigeria, Amcon, on Sunday said it has seized an asset belonging to the Chief Promoter of Inducon Nigeria Limited, Dr. John Abebe, in Lagos over an outstanding N1.3bn debt.
In a statement issued by the Head, Corporate Communications Department, AMCON, Jude Nwauzor, the debt recovery agency said the seizure was in line with the order given by the Honourable Justice Aikawa of the Federal High Court, Lagos.
The statement is entitled, ‘N1.3bn debt: AMCON takes over assets of Inducon Nigeria Limited’.
“In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P,” AMCON stated.
“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.”
AMCON stated that the case of Inducon Nigeria Limited and its promoters had been endless shortly after the loan was purchased by AMCON during the first phase of Eligible Bank Asset purchases from the defunct FinBank (now FCMB) since 2011.
Since the purchase, AMCON said it had offered the obligor several concessions and explored all avenues to resolve the debt harmoniously.
The agency, however, said the obligor and his company had remained recalcitrant and unwilling to repay the huge debt to AMCON.
The debt recovery agency accused Abebe of consistently reneging on several promises he made in the past during negotiations.
AMCON said that this prompted it to evoke the corporation’s asset tracing powers that it was granted under the AMCON (Amendment No. 2) Act, 2019.
AMCON emphasised that the enforcement option was usually the last resort for the corporation whenever a recalcitrant obligor decided to be unreasonable.
