AMCON Seizes Properties Investment Firm Over N4bn Debt

The Asset Management Corporation of Nigeria (AMCON), on Monday, said it has taken effective possession of two assets belonging to Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, chief promoters of Geedee Zulu Investment Limited over debts in excess of N4bn.

The move which commenced through its Debt Recovery Agent – Prime Chamber Law Firm on Monday, August 31, 2020, the corporation said in a statement, following an enforcement order by Justice Muslim Sule Hassan of the Federal High Court, Lagos division.

Properties affected by the takeover, which has now been completed, the corporation said in the statement by Jude Nwauzor, its Head of Corporate Communications, were listed as No. 4 Ekulu Close, GRA Enugu, Enugu State and property Along Gborji Road, Aguluezechukwu in Anambra State.

The action, he explained, was after all avenues of peaceful resolution of the debt it purchased from Union Bank of Nigeria Plc, were explored to no avail before AMCON made the decision to seek justice in the court of law.

AMCON, he stressed, “tried everything possible to let the obligor see reasons but noticed a deliberate disdain towards all previous engagements with the chief promoters of the enforced company.”

The debt was acquired in the first phase of Eligible Bank Assets (EBA) purchases in 2011, he said, lamenting that since then, “AMCON has offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously.”

Rather than reciprocate the gesture, Nwuzor said the obligor and his company- Geedee Zulu Investment Limited, have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.”

With no further option left, he said the corporation resorted to the court as required under the AMCON Act as amended by the 8th National Assembly, granting the it additional powers to go after obligors, especially those that have perfected the act of taking advantage of the shortcomings of the Act before its amendment.