Featured Finance

AMCON takes over firm’s assets over N4b debt

The Asset Management Corporation of Nigeria (AMCON) has taken over assets of Mr  Frank Okwudili Ezuma and his wife Lilian, who are the chief promoters of Geedee Zulu Investment Limited, over a staggering indebtedness of over N4 billion.

In compliance to the enforcement order, AMCON took over the properties through its debt recovery agent – Prime Chamber Law Firm.

The takeover, which has  been completed, include a property situate at No. 4 Ekulu Close, GRA Enugu, Enugu State and another on  Gborji Road, Aguluezechukwu in Anambra State.

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

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

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

Since the purchase of the EBA, AMCON has offered the obligor concessions and explored avenues to resolve the debt harmoniously, but the obligor and his company have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.

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