In a statement from the Head, Corporate Communications Department of the Asset Management Corporation of Nigeria (AMCON), Jude Nwauzor, the corporation has ken over an asset belonging to the Chief Promoter of Inducon Nigeria Limited, Dr. John Abebe over N1.3bn debt.

AMCON said the take-over followed the order of Honourable Justice Aikawa of the Federal High Court, Lagos.

“In compliance with the enforcement order, AMCON at the weekend took effective possession of the property situate at Plot12, Block 108, Lekki Peninsula Residential Scheme, Lagos, through its debt recovery agent – Ogunsola Shonibare L.P.

“The court also ordered that the bank accounts of the company and its directors, Dr. John Abebe, Mr Olawole Fatimilehin and Ademola Buraimoh, be frozen pending the final determination of the suit.”

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AMCON stated that the case of Inducon Nigeria Limited and its promoters had been interminable shortly after the loan was purchased by the corporation during the first phase of Eligible Bank Asset purchases from the defunct FinBank (now FCMB) since 2011.

AMCON said it had offered the obligor several concessions and explored all avenues to resolve the debt harmoniously since the purchase, but the obligor and his company had remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.

AMCON revealed that they had consistently reneged on several promises they made in the past during negotiations, saying that this prompted the debt recovery agency to evoke the corporation’s asset tracing powers granted it under the AMCON (Amendment No. 2) Act, 2019.

Nwauzor confirmed the success of the enforcement exercise over the weekend but added that all avenues of peaceful resolution were explored to no avail before the hard decision was taken. He then emphasised that the enforcement option was usually the last resort for the corporation whenever a recalcitrant obligor decided to be unreasonable.