AMCON takes over firm over N240 million indebtedness

The Asset Management Corporation of Nigeria (AMCON) has taken possession of the properties of J.A Dama & Sons Limited, Warri, Delta State, over an alleged N240 million indebtedness.

AMCON’s action was in execution of a court judgement by Justice Muslim Hassan of the Federal High Court, Lagos empowering the claimant to take possession of the properties.

Respondents in the suit are J.A Dama & Sons Limited and its Managing Director, Chief Johnson Dama.

The claimant in December 2010 pursuant to Section 4 and 5 of AMCON Act 2010 acquired the eligible assets owed an eligible financial institution (Union Bank) by the defendants. The said loan advances was secured by a legal mortgage of landed property.

Following the inability of the defendants to pay its alleged debt, the claimant employed the services of Chief Robert Ohuoba, the principal partner of Robert Ohuoba & Co. Lagos, as its debt recovery agent of the non-performing loan of the defendant to cover the eligible asset.

Delivering his judgment, Justice Hassan granted three of the claimant’s prayers, which includes leave to attach and sell all the properties with appurtenances at 33, Warri/Sapele road, Warri belonging to the defendants and covered by a deed of indenture dated December 19, 1919 and registered as No 71 page 400 in Volume 102 of the Land Registry, Asaba.

The property also has a deed of lease dated February 1961 and registered as page 32 in volume 480 of the land registry in the office at Asaba and vesting asset dated 17th October, 2000.

The property is also covered by a legal mortgage between Chief Johnson Aghorighor Dama, who is the managing director and the alter ego of the defendant company and Union Bank Nigeria Plc. (an eligible financial institution).

The court also made an order, making absolute its interim order attaching accounts in the name of the defendants anywhere and in any financial institution for the benefit of the claimant.