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AMCON seizes Inducon Nigeria Limited’s assets over N1.3bn debt

AMCON seizes Inducon Nigeria Limited’s assets over N1.3bn debt
January 25
08:34 2021

The Asset Management Corporation of Nigeria (AMCON) has taken over an asset belonging to John Warimeme Abebe, the chief promoter of Inducon Nigeria Limited, over an indebtedness of N1.3 billion.

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The corporation said the action was carried out in compliance to a court order by Justice Aikawa of the federal high court in Lagos through its debt recovery agent – Ogunsola Shonibare.

The affected property is situated at Plot 12, Block 108 Lekki Peninsula Residential Scheme, Lagos.

It said the court also ordered that the bank accounts of the company and its directors— Abebe, Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.

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“The case of Inducon Nigeria and its promoters has been interminable shortly after AMCON purchased the loan during the first phase of eligible bank asset (EBA) purchases from the defunct FinBank (now FCMB) since 2011,” a statement signed by Jude Nwauzor, head of AMCON’s corporate communications department read.

“Since the purchase, AMCON has offered the obligor (Abebe) 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.

“They have consistently reneged on several promises they made in the past during negotiations.”

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The debt recovery agency said it had to evoke its asset tracing powers granted it under the AMCON (amendment No. 2) act, 2019 due to Abebe’s unwillingness to repay back the loan.

Nwauzor said the enforcement option is usually the last resort for AMCON.

Featured image: Ahmed Kuru, AMCON managing director

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