The Asset Management Corporation of Nigeria (AMCON) has said it has taken possession of assets belonging to Glano Nigeria Limited over an indebtedness valued at N2.4 billion.
In a statement on Monday, head of corporate communications department of AMCON, Jude
Nwauzor the takeover followed the order of a federal high court in Lagos.
Consequently, he said the corporation took possession of the company’s property, located in Port Harcourt, Rivers state, on April 6, 2023.
Nwauzor said AMCON, which is established to recover bad debt on behalf of the federal government, had been in “an endless court battle with Glano and its promoters since 2016 but had waited patiently till 2018”.
The spokesperson said the court finally decided to back AMCON’s takeover of Glano, having looked at the case in its entirety — especially regarding efforts AMCON made to “resolve the loan amicably without cooperation from the obligor”.
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