HomeBUSINESSN3.5bn debt: AMCON takes over Centage Savings and Loans’ assets

N3.5bn debt: AMCON takes over Centage Savings and Loans’ assets

The Asset Management Corporation of Nigeria says it has taken over 13 prime assets linked to Centage Savings and Loans Limited and its Chief Promoter, Mr Johnson Ndukwe, over an indebtedness of over N3.5bn.

It said this followed the order of Honourable Justice C.J. Aneke of the Federal High Court Lagos Division.

The corporation said this on Friday in a statement from the Head of Corporate Communications Department, AMCON, Jude Nwauzor, titled ‘AMCON takes possession of Centage Estate, Centage Trade Center, other assets over N3.5bn debt’.

In compliance with the enforcement order, which Justice Aneke gave on October 8, 2020, AMCON said it commenced a detailed and strategic enforcement plan amidst the coronavirus pandemic as the assets were scattered around different locations in Lagos and the Federal Capital Territory, Abuja.

Having met with all the requirements needed for a lawful enforcement execution, AMCON said on Friday, it simultaneously took effective possession of the properties in Lagos and Abuja through its Debt Recovery Agent – Elite Law – amidst mild resistance from some resident association members who apparently may not have anticipated any encumbrances having supposedly bought from Centage Savings and Loans Limited, who unknown to them, was heavily indebted to AMCON.

It stated, “The properties in question as listed by the court order, which AMCON effectively took over include properties situate at 18 Ligali Ayorinde Street, Victoria Island, Lagos; Plot 1, Unit 2, Imam Abibu Street, Adetoro Victoria Island, Lagos.

“Centage Trade Centre, Awolowo Way, Ikeja, Lagos; Block B, Plot 19 Maiyegun Village, Lekki, Eti Osa LGA, Lagos; Block C, Plot 15, 17, 19 & 20 Maiyegun Village, Lekki, Eti Osa LGA, Lagos; Ivory Garden Estate, Isheri North, Magoro, Lagos; 20 Plots of Land at Ibu Ominla, Ogombo Village, Ajah, Lekki; No 4 Otunba Tunde Seriki Close and Igo Efon, Lekki, Lagos.”

The statement said the rest included property situated at Ologolo Road, Maiyegun Village, Ajah, Lagos; No 18 Adeyemo Alakija Street, Victoria Island, Lagos; House J25A & House J25B, Road 3 Close, Victoria Garden City, Lekki, Lagos; Centage Estate, Apo, Abuja; and Plot MF 472, Sabon Lugbe, Abuja.

It added that the court ordered the freezing of all accounts belonging to Centage Savings and Loans Limited and its chief promoter, Ndukwe.

It recalled that the case of Centage Savings and Loans Limited and its chief promoter had been a protracted issue since the loan was purchased during the first and second phases of Eligible Bank Assets purchase from the then Finbank (now FCMB) and GTBank, over 10 years ago.

Since then, it added, AMCON had explored all avenues to resolve the matter amicably, but the obligor and his company, Centage Savings and Loans Limited had remained recalcitrant and unwilling to repay the huge debt owed the corporation.

“As a matter of fact, the value of the collateral tied to the loan paled into insignificance considering the debt, which prompted AMCON to carry out asset tracing in line with the powers granted to the corporation under the AMCON Act, 2019 (As Amended),” it stated.

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