AMCON takes over firm over unpaid debt

By an interim order of a federal high court Lagos, the Asset Management Company of Nigeria (AMCON) has taken over the assets and mangement of Amak Arnolds Nigeria Limited through an appointed receiver/manager, Mr. Robert Ohuoba.

The court also attached the debt due to Amak Arnolds and its director, Mr. Mike Onuoha in all financial institutions in the country.

The order was sequel to an application filed by AMCON’s counsel, Ohuoba against Onuoha and his firm (Amak), praying the court to make the orders against the respondents over unpaid debts.

Justice Chuka Obiozor in his decision said: “An Interim order is hereby made attaching the debt due or accruing from Amak Arnold Nigeria Ltd. and Mr. Mike Onuoha; and all financial institutions served with the order hereby made shall comply therewith by filing at the registry of the Federal High Court, affidavits showing cause and serving same on the claimant’s Legal Practitioner and all monies found in any account standing in the credit of the Defendants shall be transferred to the nominated account of the Claimant forthwith.

“An order permitting the claimant to appoint a Receiver/Manager over the business, trading activities and all the fixed and floating assets of the Defendants’

“An interim order granting the claimant possession of all that properties, movable and immovable, comprising buildings, fixtures, vehicles and any other chattels howsoever described belonging to the defendants, Amak Arnold Nigeria Ltd and Mr. Mike Onuoha located as follows: all that piece or parcel of land together with the Development thereon lying and situate at Plot B, Block Corporation of Nigeria Act 2010.”

The court also directed the 1st defendant’s directors and the 2nd defendant to depose to a declaration of all their fixed and floating assets anywhere in Nigeria within the Jurisdiction of the Federal High Court under oath and file same at the Registry of the Federal High Court within 7 (seven) days of the service of the order on them.