AMCON takes over assets of Unicorn Place over N1.3bn debt

THE Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Ike Nwabuoku, the Chief Promoter of Unicorn Place & Leisure Services Limited over an indebtedness of over N1.3billion.

This is following the order of Honourable Justice Saliu Saidu of the Federal High Court, Lagos division.

The Court also ordered that the bank accounts of the company and its major stakeholders, Ike Nwabuoku and one other Ifechukwu A. Onyema be frozen pending the final determination of the suit.

In compliance to the enforcement order, AMCON on Thursday June 25, 2020, took effective possession of the two properties through its debt recovery agent – Kayode Ajekigbe of Chris O. Okunowo& Co, which include properties situated at 1 and 2, Kwara Street, Osborne, Ikoyi, Lagos and Plot 23 Block 65, Lekki Peninsula Residential Scheme, both in Lagos State.

The case of Unicorn Place & Leisure Services Limited and its promoters, according to statement from AMCON, has been interminable because the loan was purchased by the corporation during the first phase of its Eligible Bank Assets (EBA) purchases from Keystone Bank since 2011.

Since the purchase, AMCON has offered the obligor all sorts of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company Unicorn Place & Leisure Services Limited have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.

Confirming that AMCON had enforced on the assets and frozen the accounts in line with the order of the court, Jude Nwauzor, Head, Corporate Communications Department of the Corporation explained that all avenues for peaceful resolution were explored to no avail before AMCON made the hard decision, which led to the eventual takeover of the assets.

He said AMCON before now held several meetings with the obligor and arrived at agreements in principle, but the obligor always made a turnaround to default, leaving AMCON with no other option than to approach the court and in the wisdom of the honourable court secured the order to take over.

Even with the rampaging cases of the Coronavirus (COVID-19) pandemic, AMCON from all indications has no intention of slowing down in achieving its recovery mandate. The takeover of Unicorn Place & Leisure Services Limited is coming few days after the government recovery agency also took over the two buildings belonging to Doggi Group Limited in highbrow areas of Asokoro and Katampe Hills in Abuja.

There are indications that AMCON will take over a lot more companies in the coming weeks especially with the additional powers in its amended Act, which President Muhammadu Buhari signed into law last year to enable the corporation increase the speed of recovery of the over N5trillion that is still outstanding

 

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Fresh Crisis Looms In APC •Party To Resolve 170 Petitions, May Dissolve State Excos
IF what is brewing in Lagos will hold true for many troubled state chapters of the All Progressives Congress (APC), the reconciliation bid of the national caretaker committee is likely to birth a fresh wave of crisis for… Read Full Story

Ajimobi’s Burial Site: Our choice of burial site not approved by Oyo govt —Family •We’ve granted them a waiver, but… —Govt
Fresh controversy over the final resting place of former governor of Oyo State, Senator Abiola Ajimobi emerged on  Saturday as sources close to the family accused the Oyo State government of not approving their choice place for the burial of the former governor… Read Full Story

APC Derailing From Founding Ideals — Tinubu
NATIONAL leader of the ruling All Progressives Congress (APC) has reviewed the development leading to the dissolution of the party’s National Working Committee (NWC) and sounded an alarm bell that the party is derailing from its founding ideals… Read Full Story

UPDATE: Oyo State goes after private hospitals •Seals 5 clinics over quackery, more to follow
OWNERS of private medical facilities operating under unprofessional conditions are in trouble in Oyo State as the government, on Saturday, said it has sealed five private health facilities in Saki and Ibadan metropolis over unprofessional and illegal practices… Read Full Story

We’re Not Responsible For Delay In Ajimobi’s Burial ― Oyo Govt
The Oyo State Government has strongly denied insinuations that it is responsible for the delay in burying the immediate past governor of the state, Senator Abiola Ajimobi, who died on Thursday… Read Full Story

Deliver Edo, Ondo, Buhari tasks APC governors
PRESIDENT Muhammadu Buhari has given governors of the All Progressives Congress (APC) the marching order to reclaim Edo State from the Peoples Democratic Party (PDP), following its recent flipping to… Read Full Story

Adam’s Second Fall On The Eve Of EdoEN Election
SINCE its formation, the various political tendencies that came together under the aegis of the governing All Progressives Congress (APC) have found it difficult to evolve as a compatible ideological whole. Critics of the party have levelled a charge that APC was hurriedly put together to grab power and was consequently… Read Full Story

Edo, Ondo Elections: Whither The Opposition Parties?
In February this year, the Independent National Electoral Commission (INEC) ‘sanitised its register by retaining only 18 political parties. A total of 74 parties were axed by the commission as empowered by extant laws. The exercise came against the complaints from many quarters on the huge number of parties in… Read Full Story

Ajimobi: Last Supper With A Sanmonri, Constituted Into Authority
UNLIKE my wont, words failed me repeatedly this morning. Ever imagine billows of smoke failing to sprout out of the blacksmith’s forge? Or the canary suddenly failing to spit its melodious rhythm? But that has been my abiding forte in the last one hour or so. Writing, cancelling, rewriting, erasing, rewording and cancelling… Read Full Story

ONDO GOV ELECTION: Who Gets The Ticket In PDP?
AS the October 10 governorship election draws near in Ondo state, the people of the state are gearing up and studying political events in the state, it is apparent that the Peoples Democratic Party (PDP) is working hard to give the ruling All Progressives Congress (APC) a good fight in the election and take over power in the state… Read Full Story

FAAN Holds Dry Run Airport Simulation Exercise At Lagos, Abuja Airports
The Federal Airports Authority of Nigeria (FAAN) has held dry run simulation exercises at domestic terminals of the Nnamdi Azikiwe International Airport, Abuja and Murtala Muhammed Airport, Lagos… Read Full Story

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More