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AMCON confiscates Hydro Hotels over N600m debt

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AMCON takes over ex-minister's property over N1bn debt

The Asset Management Corporation of Nigeria (AMCON) Sunday declared it had sequestered the assets of Hydro Hotels Limited and those of its chief promoter in respect of an indebtedness of N600 million.

Jude Nwauzor, AMCON’s corporate communications’ head, made the disclosure in a statement titled ‘AMCON Takes over Assets of Hydro Hotels Limited over N600m Debt.’

It said the action followed the verdict of the Federal High Court in Minna, Court of Appeal through Hon. Justice Habeeb Abiru, Hon. Justice Abubakar Datti Yahaya and Hon. Justice Amina Audi Wambai in Suit No: CA/A/70/2018 involving AMCON vs Hydro Hotels Limited and one other.

The statement observed that the court granted AMCON judgement against Hydro Hotels Limited and Isah Ladan, its chief promoter, concerning the debt that had been a subject of litigation.

The appellant court also ordered forfeiture of moveable and immoveable properties of Hydro Hotels and went ahead to grant AMCON full possession and outright power of sale of the assets.

Read also: AMCON takes over Jabfal Enterprises’ assets over N440m debt

“Armed with the order, AMCON through its appointed debt recovery agent – Ajunwa & Co. took effective possession of four top properties of the obligor.

“These include properties situate at Plot 165/166 MTP. 95A, measuring 0.300 hectares at Farm Center, Tunga Ward, Near New Secretariat, Minna, Niger State; Plot 173 & 174 MTP. 95A consisting of 0.414 hectares;

“Property at No. 1 Wawa Road, New Bussa, Niger State and Property at No. 82 Garkuwas Residence, New Bussa, Niger State,” the document said.

The lawsuit involving Hydro Hotels and its promoter had been a perennial issue, with AMCON buying the loan during the first phase of Eligible Bank Asset purchases from Finbank (now First City Monument Bank Plc) in 2010, the statement said.

AMCON noted it had been enmeshed in a long legal tussle with the company since 2015 after the purchase, first winning the case against the obligor at the Federal High Court, Minna in 2017 and now at the Appeal Court in August 2020.

“As a matter of fact, due to the lack of adequate collateral, AMCON’s expanded investigation on Ladan revealed other hidden properties belonging to the obligor located in Niger State, which were hitherto not known to AMCON,” the corporation said.

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