N2.4bn Debt: AMCON takes over Glano Nigeria’s assets

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

In a statement on Monday, Jude Nwauzor, head of corporate communications department of AMCON, said the takeover followed the order of a federal high court in Lagos.

Consequently, he said the corporation took possession of the company’s property, located in Port Harcourt, Rivers state, on April 6, 2023.

The statement said AMCON, which is established to recover bad debt on behalf of the federal government, had been in “an endless court battle with Glano and its promoters since 2016 but had waited patiently till 2018”.

It said the court finally decided to back AMCON’s takeover of Glano, having looked at the case in its entirety — especially regarding efforts AMCON made to “resolve the loan amicably without cooperation from the obligor”.

“In compliance with the enforcement order, AMCON on Thursday, April 6, 2023, took effective possession of Glano Nigeria Limited’s 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,” he said.

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“Apart from granting AMCON possession of the property situate 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 case of Glano Nigeria Limited and its promoter has been a protracted issue because the loan was purchased during the third phase of eligible bank assets (EBA) from United Bank for Africa (UBA) Plc way back in 2013. Since then, AMCON has offered the obligor a good measure of olive branches, and 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.”

It 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.