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.