Business
AMCON takes over Glano Nig Limited‘s property, to seize cash, others
Glano Nigeria Limited has lost its assets to Asset Management Corporation of Nigeria (AMCON) over a N2.4 billion debt owed since 2016.
AMCON, a debt recovery agency of the Federal Government, took over the assets after a court order. The agency said it sort the help of the court after Glano Nigeria Limited failed to cooperate for an amicable settlement.
Both Glano Nigeria Limited and AMCON have been locked in a court battle since 2016 over the loan which was obtained from the United Bank for Africa (UBA) in 2013.
In a statement released on Monday by the Head of the Corporate Communications Department of AMCON, Jude Nwauzor, following the court’s ruling, the debt agency took possession of a property belonging to Glano Nigeria Limited in Port Harcourt, Rivers State.
AMCON said the court also backed the seizure of funds, cheques, bills of exchange, promissory notes, and all forms of bonds of security for the money that will lead to the recovery of the outstanding debt.
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“In compliance with the enforcement order, AMCON on Thursday, April 6, 2023, took effective possession of Glano Nigeria Limited’s property located at no. 22 Woji road Port Harcourt, the Rivers state capital, which had been under the management of Sterling Law Alliance since 2019.
“Apart from granting AMCON possession of the property situate at no. 22 Woji road Port Harcourt, the court also ordered AMCON to take all necessary steps required to realise the assets of the obligor within the judicial division, by seizing and taking any money bank notes, cheques, bills of exchange, promissory note, and all forms of bonds of security for money, with a view to realising the huge outstanding debt.
“The case of Glano Nigeria Limited and its promoter has been a protracted issue because the loan was purchased during the third phase of eligible bank assets (EBA) from United Bank for Africa (UBA) Plc way back in 2013. Since then, AMCON has offered the obligor a good measure of olive branches, and explored all avenues to resolve the matter amicably, but the obligor and his company, Glano Nigeria Limited, remained recalcitrant and unwilling to repay the huge debt to the corporation,” the statement reads.
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