Monday 25th September, 2017
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Alleged N1bn debt: Court orders AMCON takeover of firm

Alleged N1bn debt: Court orders AMCON takeover of firm

A Federal High Court in Awka, Anambra State has granted a request by the Asset Management Corporation of Nigeria (AMCON) to take over the properties of Ifedio­rah and Sons Ltd over alleged N1 billion debt.
The action followed the failure of Ifediorah and Sons Ltd to repay in full a debt of N600m from Zenith Bank PLC borrowed in the 1990s with accumulated in­terest of N1 billion, which is considered a bad debt under the AMCON Act.
Justice I.N.Oweibo directed the Inspector General of Police, As­sistant Inspectors Gen­eral and Commission­ers of Police in Delta and Anambra states to assist the receiver ap­pointed by AMCON, Barr. Kenneth Chuk­wuma to enforce the possession of the com­pany’s mortgaged as­sets, and bank accounts in all banks in Nigeria.
The court also di­rected the directors and shareholders of If­ediorah and Sons Ltd to pay up and deliver their unpaid allotted shares and all other individual liabilities to the receiver pending the determina­tion of the substantive suit.
Assets under a Deed of Legal Mortgage be­tween Zenith Bank and the managing di­rector of the company, Emmanuel Ifediorah which the court or­dered to be confiscated, which are in Asaba, Delta State are: Plot No: 47/47/CO61 measuring 890.163 square meter; Plot No: 44/44CO61 measuring 888.546 square meter; Plot No: 30/30CO60 measur­ing 1818.208 square meter; and Plot No: 35/35CO14 measuring 416.776 square meter.
The company is a major distributor of cement and haulage goods.
The return date for the suit is April 5 for further hearing.
 

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