AMCON takes possession of Gateway Portland Cement over N3b debt

The Asset Management Corporation of Nigeria (AMCON) has taken possession of Gateway Portland Cement Limited factories over a debt of N3 billion.

The Corporation, in a statement yesterday, said that the take over followed an injunction against Gateway Portland Cement by the Federal High Court, Abeokuta Division, Ogun State.

The statement said AMCON’s receiver, Charles Adeogun-Phillips, had taken possession of Gateway Portland Cement factories and facilities in Abeokuta and Mowe areas of the state.

It added that the debt had been a subject of litigation for some time now and the court, in its ruling, restrained Gateway Portland Cement and its promoters, whether by themselves, their agents, privies or whosoever, howsoever, from moving into the firm.

The court also restrained them from withdrawing money from or with any bank or financial institutions that hitherto does business with the cement company, excluding in Nigeria, pending the hearing and determination of the suit to be filed by the applicants for recovery of its outstanding debts, the statement added.

The order, it said, equally restrained the company and the promoters by themselves, their agents, servants and or their privies from interfering with or otherwise obstructing or frustrating the receiver appointed by AMCON in performing his duties.

It further directed the company and the promoters to deliver to the receiver all the charged assets of the company in their possession forthwith.