Court Grants AMCON Order To Take Over Companies Owned By Common Sense Senator, Ben Murray Bruce

Nigeria's commonsense Senator, Ben Murray Bruce has had his companies taken over by the Assest Management Corporation of Nigeria (AMCON). This follows an interim order by Hon. Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos Division on June 17 2016.

Silverbird Abuja sealed

According to the Court on an application brought pursuant to the AMCON Act, the following companies of the Senator are now under receivership:  Silverbird Galleria Limited, Silverbird Promotions Limited and Silverbird Showtime Limited, located respectively at 133 Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria); Central Area Cadastral Zone AOO, Abuja; and Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.

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The companies are now within the possession of Reciever/Manager who ought to manage the company for the purpose of piloting its affairs so as to repay the debts of the companies. It is reported that the companies are owing AMCON about 11 Billion Naira and have failed to repay the debts and/or service the debts as per their terms. The loans were initially taken from Union Bank of Nigeria. The loans were taken out by these companies between 2005 and 2007. However, pursuant to the provisions of The AMCON Act which mandates AMCON to buy bad debts of financial institutions, AMCON took over the debts and all incidental legal rights.

Further to the court order, a notice of appointment was published by AMCON, appointing Muiz Banire Reciever/Manager of the companies. And the Receiver/Manager acting pursuant to his powers have sealed off the properties on Thursday, June 23, 2016.