N4bn Debt: Court Grants AMCON’s Request to Take Over Firm’s Asset

Following the order of Justice M.S. Hassan of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over an indebtedness of over N4bn.

In compliance with the enforcement order, AMCON said it had commenced the process of effective possession of the properties through its Debt Recovery Agent – Prime Chamber Law Firm.

The takeover, 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.

The Head, Corporate Communications Department of the Corporation, Jude Nwauzor, who confirmed the takeover in a statement on Monday, however, stated that all avenues of peaceful resolution were explored to no avail before AMCON made the decision to seek justice in the court of law.

AMCON, he reiterated, tried everything possible to let the obligor see reasons but noticed a deliberate disdain towards all previous engagements with the chief promoters of the enforced company.

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 purchases from Union Bank in 2011.

Since the purchase of the EBA, AMCON said it had offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously.

However, it said the obligor and his company, Geedee Zulu Investment Limited, had remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.

With no further option left, the government agency resorted to the court as mandated by the AMCON Act, which was amended by the 8th National Assembly and signed into law by President Muhammadu Buhari.

The amended AMCON Act provides the Corporation additional powers to go after AMCON obligors, especially those of them that have perfected the act of taking advantage of the shortcomings of the Act before its amendment

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