N2.4bn debt: AMCON takes over Glano’s assets

The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Glano Nigeria Limited over N2.4 billion debt.

AMCON, which was established to recover debt on behalf of the Federal Government, has been in an endless court battle with Glano Nigeria Limited and its promoters since 2016.

The Federal High Court sitting in Lagos later approved AMCON’s takeover of Glano Nigeria Limited after the Corporation failed to resolve the loan amicably without cooperation from the obligor.

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In compliance with the enforcement order, AMCON, on Thursday, April 6, 2023, took possession of Glano’s property located at No. 22 Woji Road in 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 in 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 outstanding debt.

Confirming the development on Monday, April 17, the Head Corporate Communications Department of AMCON, Jude Nwauzor, said the enforcement came after a long period of a meticulous court battle.

Nwauzor stated that the Corporation eventually enforced on the properties on April 6, 2023, as ordered by the Federal High Court, adding that the enforcement was carried out in a seamless manner, especially as the court had also directed the Nigeria Police Force, officials of the court, and other security agencies to assist AMCON in securing the assets.

The Star