AMCON takes over Doggi Group assets over N400 million debt
The Asset Management Corporation of Nigeria (AMCON), Thursday, took effective possession of the two properties belonging to Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited, over an indebtedness of over N440million.
This follows a Federal High Court, Abuja division, presided over by Justice A.I. Chikere granting it order on June 5, 2020, to take over Abdullahi’s assets.
Pursuant to the order, AMCON through its Receiver – Mrs. Juliet Benson of Benson Reeds Legal Practitioners, took possession of the two properties situated at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory (FCT), Abuja; and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.
The bad debt agency said the case of Doggi Group Limited and its promoter has been a protracted issue because the loan was purchased during the first phase of Eligible Bank Assets (EBA) purchase from Union Bank Plc in 2011.
Since then, AMCON said it had offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but to no avail.
Confirming the takeover in a statement, Head, Corporate Communications at AMCON, Jude Nwauzor, said: “Yes, we enforced on the properties today as ordered by Justice Chikere’s court. We are grateful to the Federal High Court for working on behalf of Nigerians to recover some of the debts owed the country by a few individuals despite the challenges posed by the dreaded Coronavirus (COVID-19) pandemic to institutions including the Judiciary.
“Like we have always said in the past, our priority at AMCON has never been to take over anybody’s properties or assets; our mandate is to recover Nigeria’s money in the hands of these obligors. Over time however, we have observed that the obligors enjoy hiding under some legal technicalities to delay even the repayment arrangement they negotiated and signed. When you have held several meetings and arrived at an agreement but the obligor decided to make a U-turn by reneging, it leaves AMCON with no other option than to approach the court. In the case of Doggi Group Limited and its promoter, AMCON did everything any responsible and law abiding organisation ought to do to help the promoter and his business continue to no avail.”
AMCON also declared the enforcement on the properties of Doggi Group and Abdullahi is one of the many others that would take place in the coming days, despite the interference in business activities by COVID19.
Recall that President Buhari last year signed the 2019 Amended AMCON Act into law, which gives AMCON additional powers to go after all obligors of the Corporation, who for years have refused to repay their debt.
No comments yet