Olisa Agbakoba

The Asset Management Corporation of Nigeria (AMCON) has taken control over the assets of Amercan Specification Autos Limited, which is indebted to the corporation.

A statement made available to THISDAY Tuesday explained that AMCON, through its Counsel, Olisa Agbakoba & Associates, had sought the Federal High Court’s permission in carrying out its debt recovery exercise, to take possession the landed properties pledged as securities for the loan.

“The court vides Honourable Justice Idris found merit in the application and granted the orders as sought on July 10 2012 pending the determination of the substantive suit. The execution of the court order granted by Justice Idris was successfully carried out and possessions were taken of the properties located in Ajao Estate, Mushin and Somolu and Ejigbo areas in Lagos State.

“The properties include a duplex in Ajao Estate occupied by the Debtor, a duplex in Shomolu and a Plaza located at Ladipo Mushin with over 50 shops and Offices,” it explained.

AMCON was created in response to recent near collapse of the financial sector in Nigeria. It was mandated by acquire banks’ non-performing loans (NPLs). The corporation has about 13,000 debtors and has since commenced aggressive debt restructuring and recovery process.

The core objective of AMCON is to purchase the toxic loans, return the banks to liquidity by bringing its shareholders funds to a zero level and aggressively pursue the recovery of the debts.

AMCON is granted special powers under AMCON Act to ensure quick recovery of NPLs and to curtail the immense financial suffered previously in the financial sector.