The Asset Management Corporation of Nigeria (AMCON) has confiscated an asset belonging to Dr John Warimeme Abebe, the chief promoter of Inducon Nigeria Limited, over a debt worth N1.3 billion.
The debt recovery body took over the asset of the company following the order of Justice Rilwan Aikawa of the Federal High Court sitting in Lagos.
According to a statement issued by Mr Jude Nwauzor, the Head of Corporate Communications Department at AMCON, the property was seized over the weekend.
He said this was in compliance with the enforcement order on the asset located at Plot 12, Block 108 Lekki Peninsula Residential Scheme, Lagos, through its Debt Recovery Agent – Ogunsola Shonibare L.P.
The court also ordered that the bank accounts of the company and its Directors; Dr John Warimeme Abebe, Mr Olawole Fatimilehin and Mr Ademola Buraimoh, be frozen pending the final determination of the suit.
The case of Inducon Nigeria Limited and its promoters has been interminable short after the loan was purchased by AMCON during the 1st phase of Eligible Bank Asset (EBA) purchases from the defunct FinBank (now FCMB) since 2011.
Since the purchase, AMCON has offered the obligor several concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON, the statement said.
It was also explained that they have consistently reneged on several promises they made in the past during negotiations. As a result, this prompted the debt recovery agency to evoke the corporation’s asset tracing powers granted it under the AMCON (Amendment No. 2) Act, 2019.
The corporation confirmed the success of the enforcement exercise over the weekend but added that all avenues of a peaceful resolution were explored to no avail before the hard decision was taken.
The agency emphasised that the enforcement option is usually the last resort whenever a recalcitrant obligor decides to be unreasonable.