AMCON takes over Gedee Zulu's assets over N4bn debt | Ripples Nigeria
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AMCON takes over Gedee Zulu’s assets over N4bn debt

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

The Asset Management Company of Nigeria (AMCON) said it had sequestered assets belonging to Frank Ezuma and Lillian Ezuma, both promoters of Gedee Zulu Investment Limited over debt totalling N4 billion.

A statement issued by the corporation’s corporate communications head, Jude Nwauzor, on Monday said the action followed the order of Justice Hassan of the Federal High Court, Lagos Division.

Efforts at getting an amiable settlement of the issue did not yield the desired result before AMCON sought legal intervention, Nwauzor said, adding that the corporation tried all means to see reasons but noticed a wilful disdain towards all previous engagements with the chief promoters of the company.

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

“The case of Geedee Zulu Investment Limited and its promoters have been interminable since the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank far back as 2011.

“Since the purchase of the EBA, AMCON has offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company Geedee Zulu Investment Limited have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON,” the statement said.

It noted that AMCON began the process of the effective possession of the properties through its Debt Recovery Agent – Prime Chamber Law Firm.

The confiscation, which has now been completed, include property located at No. 4 Ekulu Close, GRA Enugu, Enugu State and property Along Gborji Road, Aguluezechukwu in Anambra State.

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