AMCON Appoints Receiver For Micmerah Int’l Over N1bn Debt

AMCON Appoints Receiver For Micmerah Int’l Over N1bn Debt

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Post Views: 159 The Asset Management Corporation of Nigeria (AMCON), on Thursday, announced the appointment of Chief Tagbo Anieto as receiver/manager ...

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The Asset Management Corporation of Nigeria (AMCON), on Thursday, announced the appointment of Chief Tagbo Anieto as receiver/manager over the assets of Onitsha, Anambra State based Micmerah International Agency Limited over its over N1bn debt.
The action, the corporation said was based on an order by the Federal High Court sitting in Awka, the State capital in Suits No. FHC/AWK/CS/101/2018 and No. FHC/AWK/CS/102/2018, presided over by Justice I.B. Gafai.
In compliance with the court order, AMCON said it took over the business and assets of Micmerah International Agency Limited through the Receiver/Manager, based on the ruling granting AMCON the full possession, as well as the power of sale over the company’s assets now in its custody.
In a statement, the corporation said it purchased the Non-Performing Loans (NPLs) of Micmerah from various banks in line with its mandate under the AMCON Act and that efforts to peacefully resolve the loans were frustrated by Chief Mike Emerah, the company’s prime promoter.
AMCON added that it was, therefore, left with no other choice than to seek justice in the court.
The statement by Jude Nwuzor, AMCON’s Head, Corporate Communications, while confirming the action, said: “We saw it coming because the said debt is long overdue. As a responsible corporation, before we get to this stage with any of our obligors; we must have patiently tried to resolve the matter without going to court. Anytime we end up taking over assets by order of the court such as in the case of Micmerah International Agency Limited, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive.
“When you have exhausted all avenues of peaceful resolution, there is no other option available to AMCON than what has eventually happened, which is the commencement of enforcement action against Micmerah International Agency Limited as mandated by the court and as provided under Section 49-52 of the AMCON Act. If not, it would be difficult to take over those assets because the owner is very influential in Anambra State.”
The statement quoted Ahmed Lawan Kuru, Managing Director/Chief Executive of AMCON as declaring, late last year, that the corporation after a critical evaluation of its recovery processes changed its resolution strategy to focus more on enforcement actions, especially against recalcitrant and hard-core obligors that have vehemently refused to amicably meet their debt obligation to AMCON.

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