AMCON Takes-Over Glano Possession Over N2.4Billion Debt

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The Glano Nigeria limited property was taken -over by the Asset Management Corporation of Nigeria (AMCON) over N2 billion debt.

The head of the AMCOM department was the one the announce the collection of possession on Monday.

According to Jude Nwauzor,  he didn't take orders at hand but the support of an order of a justice of the Federal High Court.

He further that, Glano's property in Port Harcourt was collected by Asset Management Corporation Of Nigeria(AMCON)this month on the 6th as the court directed.

According to the statement, police, and securities were told to assist AMCON to secure the assets.  

Despite, AMCON's effort in settling the loan easily but no changes then the court took over the case.

“In compliance with the enforcement order, AMCON on Thursday, April 6, 2023, took effective possession of Glano Nigeria Limited’s property located at no. 22 Woji Road Port Harcourt, the Rivers state capital, which had been under the management of Sterling Law Alliance since 2019.

“Apart from granting AMCON possession of the property situated at no. 22 Woji Road Port Harcourt, the court also ordered AMCON to take all necessary steps required to realize the assets of the obligor within the judicial division, by seizing and taking any money bank notes, cheques, bills of exchange, promissory note, and all forms of bonds of security for money, to realize the huge outstanding debt.

“The case of Glano Nigeria Limited and its promoter has been a protracted issue because the loan was purchased during the third phase of eligible bank assets (EBA) from United Bank for Africa (UBA) Plc way back in 2013.

Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor and his company, Glano Nigeria Limited, remained recalcitrant and unwilling to repay the huge debt to the corporation.”

Speaking on the report, the law Assets Management Corporation of Nigeria( AMCON ACT)was signed on July 19, 2010, during the regime of Goodluck Ebele Jonathan. The AMCON Act was done to resolve issues associated with loan assets of Nigeria Bank.

According to the report, President Muhammadu Buhari also signed the Amendment bill of law in 2019, which make the AMCON increase in power of taking over debt. 

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