Home NEWS N1.5bn Debt: AMCON To Take Over Firm’s Asset

N1.5bn Debt: AMCON To Take Over Firm’s Asset

by InlandTown Editor
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A Federal High Court in Lagos has granted an order directing the Assets Management Corporation of Nigeria (AMCON) to take over the assets of a Lagos company, SAMOL Limited.

The ruling was delivered by Justice Akintayo Aluko, and the asset seizure was ordered based on the firm’s alleged failure to pay its debt of N843,357,559.75 million. The order of the court was sequel to an application in suit number FHC/L/AMC/13/2022 filed before the court by the law firm of Trevis and Ansel Solicitors.

In the Enrolment Order dated June 8, 2022, Justice Aluko granted the prayers sought by AMCON to take over the following properties, property at 9/11, Oleleh Street, Ejigbo, Lagos with Certificate of Occupancy No 33 Page 33 in volume 1994C of land Registry Alausa Lagos.

The court also made an interim order restraining SAMOL company and Samuel Ngozi Oleleh from dealing with or alienating or parting with or transferring their title howsoever (whether by assignment, lease, mortgage or other third party interest) and any of the properties listed in relief listed before the court pending the hearing and determination of the AMCON’s substantive debt recovery suit against the defendants.

In an affidavit in support of the application deposed by Aminu Muhammed Idris, a credit officer in the office of the AMCON, he stated that SAMOL company on October 30, 2000, had applied for an overdraft facility of N30 million from the defunct Oceanic Bank of Nigeria Plc, which would be utilized strictly to fund purchase of cement from Dangote Industries limited.

He added that upon a favorable consideration of the application of the company Oceanic Bank of Nigeria granted the company’s request.

He stated that by the terms and conditions of the offer of the facility, it was granted for a period of one-year, which was to be repaid by the cash flow generated from the company’s operations at an interest rate of 22% per annum.

He added that upon the enactment of the AMCON Act Oceanic bank transferred non-performing loans of the defendants to AMCON for recovery.

As at 31st March, 2016, the outstanding loan with the accrued interest stood at N1,597,414,991.73

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