AMCON takes over company’s properties for alleged debt

Following an ex parte order made by a Federal High Court, Lagos, the Asset Management Company of Nigeria (AMCON), has enforced the terms of the receivership of Esco Super Stores Limited and the individual liability of its managing director, Chief Lucky Jerry Esigie.

The applicant, AMCON had appointed Chief Robert Ohuoba (2nd applicant) the receiver manager, pursuant to section 48 (1) of the AMCON Act, 2010 in suit No: FHC/L/CS/457/16.

The presiding judge, Mohammed Idris, after reading the affidavit in support of the motion sworn to, by Abubakar Ladan, a credit officer in AMCON and filed before the court and after hearing A. Ezenduka, counsel for the applicants move in terms of the motion and ordered as follows:

“An order is made directing the Nigeria Police Force (Inspector General of Police or Commissioner of Police of all the states of the Federation) to assist the bailiffs of this court and the 2nd applicant, who is the receiver appointed by the 1st applicant to enforce the terms of the recievership of Esco Super Stores Limited and the individual liability of its managing director, Chief Lucky Jerry Esigie granted to the 2nd applicant, Robert Ohuoba (the receiver) appointed by the 1st applicant pursuant to section 48 (1) of the AMCON Act, 2010.”

As a result of the order, AMCON has taken over the properties of the defendants through the third party deed of legal mortgage between Esco Super Stores Limited and Lucky Jerry Esigie and Afribank Nigeria Plc (the predecessor in title and an eligible financial institution) dated July 15, 1998 in respect of Plot No. 33, Block 34 Igbudu Market Road, Warri, Delta State.

Also affected by the order are Plot No. 495, 9th Street, Ugborikoko Estate, Effurum, Warri, Delta State, a property situate along Enerhen-Udu Road, Enerhen, Warri, Delta State, Plot No. 35, Block 34 Igbudu Market Road, Warri, Delta State and any other properties, fixed and floating assets wherever they may be found within the jurisdiction of the Federal High Court belonging to the defendants.