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

The Asset Management Corporation of Nigeria (AMCON) said it has taken over Sigma Apartments owned by Sigma Engineering & Construction Limited over N1 billion debt.

The asset takeover followed the ruling of Justice B.F.M. Nyako of the Federal High Court Abuja Division granting an order for AMCON to take possession of the firm.

Sigma Apartments is promoted by Saidu Samaila Balarabe Sambawa, a former Minister of Sports and Social Development of the Federal Republic of Nigeria.

The property is situated at Plot No.1376, Cadastral Zone, A07, Wuse 11, Federal Capital Territory (FCT), Abuja.

In a statement by AMCON on Friday, the order came on the application of AMCON after the corporation claimed it had exhausted all avenues of peaceful resolution with the obligor regarding the debt, but was left with no other choice.

According to the statement, the promoter of Sigma Apartments and his directors have had running battles with AMCON over their inability to settle the N1 billion debt.

Read also: Nigeria’s 2018 economic outlook challenging —IMF

“But despite efforts made by AMCON to reach an amicable settlement terms, the businessman and his co-promoters showed unwillingness to meet up with the debt obligation, thus pushing AMCON to seek legal solution to the issue.

“Accordingly, the corporation appointed Babatunde Alabi as the Receiver Manager to take immediate possession of the property.

“In compliance with the court order, and with the support of the Inspector General of Police, and his deputies as well as the court Bailiffs, AMCON through its Receiver, Babatunde Alabi took possession of the assets of Sigma Apartments, it’s right and in compliance with lawful authority,” the statement read.

AMCON under its Managing Director/Chief Executive Officer, Ahmed Kuru has maintained that there would be no sacred cows in its bid to recover the N4.8 trillion in the hands of a few Nigerians.

To achieve this, AMCON increased the tempo of its recovery activities using firmer resolution strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its unwilling debtors to repay their debts.

 

RipplesNigeria… without borders, without fears

Click here to join the Ripples Nigeria WhatsApp group for latest updates.

Join the conversation

Opinions

Support Ripples Nigeria, hold up solutions journalism

Balanced, fearless journalism driven by data comes at huge financial costs.

As a media platform, we hold leadership accountable and will not trade the right to press freedom and free speech for a piece of cake.

If you like what we do, and are ready to uphold solutions journalism, kindly donate to the Ripples Nigeria cause.

Your support would help to ensure that citizens and institutions continue to have free access to credible and reliable information for societal development.

Donate Now