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AMCON takes over assets of Glano Nigeria over N2.4bn debt

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The Asset Management Corporation of Nigeria (AMCON) has announced takeover of assets belonging to Glano Nigeria Limited over an indebtedness of over N2bn.

The agency in a statement on Monday, said the decision followed an order of Honourable Justice I. N. Buba of the Federal High Court Lagos Division.

The statement recalled that AMCON, which was established to recover bad debt on behalf of the Federal Government of Nigeria, had been in an endless court battle with Glano Nigeria Limited and its promoters since 2016, but had waited patiently till 2018.

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Having looked at the case in its entirety, especially regarding efforts AMCON made to resolve the loan amicably without cooperation from the obligor, it said, the court finally decided to back AMCON’s takeover of Glano Nigeria Limited.

The statement said, “In compliance with the enforcement order, AMCON on Thursday, April 6, 2023, took effective possession of Glano Nigeria Limited 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.

“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.”

It added that the case of Glano Nigeria Limited and its promoter had been a protracted issue because the loan was purchased during the third phase of Eligible Bank Assets from United Bank for Africa Plc way back in 2013.

Since then, AMCON said it had 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.

In the statement, Head Corporate Communications Department of AMCON, Jude Nwauzor, said, the enforcement came after a long period of meticulous court battle.

“The Corporation eventually enforced on the properties on April 6, 2023, as ordered by the Federal High Court,” he said.

The enforcement according to him, 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 AMCON in securing the assets.

 

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