Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru
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AMCON Seizes Assets Owned By SafeQuip Nigeria Limited, R.C. Omeaku & Sons Ltd Over N800m Debt

The Asset Management Corporation of Nigeria (AMCON) has seized two companies in the country over indebtedness.

The companies – SafeQuip Nigeria Limited and R.C. Omeaku & Sons Ltd – incurred debt to the tune of over N470 million and N340 million respectively.

Presidential Media Aide, Tolu Ogunlesi, tweeted this on Monday, August 10, while quoting AMCON.

He said Hon Justice O.O Oguntoyinbo of the Federal High Court Lagos granted the take-over of an asset owned by Safequip Nigeria at No. 20 Babatunde Jose Street, VI, Lagos.

He wrote, “AMCON Statement: Following the order of Hon Justice O.O Oguntoyinbo of the Federal High Court Lagos Division, AMCON has taken over an asset belonging to Safequip Nigeria Limited over an indebtedness of over N470million — at No. 20 Babatunde Jose Street, VI, Lagos.

“Also from AMCON: Hon Justice A.M Liman, riding on the order of Hon Justice I.N Buba of the Federal High Court Lagos, also gave order granting AMCON possession of 7 properties belonging to R.C. Omeaku & Sons Ltd, due to failure to settle indebtedness of almost N340million.”

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Ogunlesi also stated that the latest seizure is a tip of the iceberg as the agency plans to take over many more assets.

Established in 2010, AMCON’s primary responsibility is to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.

Last year, President Muhammadu Buhari signed into law the amended AMCON Act 2019 which provides the agency with additional powers in its enforcement activities.

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