AMCON Takes over Micmerah International

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Ugo Aliogo

A Federal High Court in Awka, the Anambra State capital, in suits number FHC/AWK/CS/101/2018 and number FHC/AWK/CS/102/2018 has ordered the Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Micmerah International Agency Limited.

AMCON had appointed Chief Tagbo Anieto as Receiver/Manager over the assets of Micmerah International Agency Limited, which owes it over N1billion.

The company is located in Onitsha, the commercial hub of the state.

A statement issued Thursday explained that in compliance with the court order, AMCON thursday through the Receiver/Manager took over the business and assets of Micmerah International Agency Limited.

Justice I.B. Gafai, who presided over the matter, granted AMCON the full possession and power of sale of the assets of Micmerah, which is now in the custody of AMCON.

AMCON had taken over the Non-Performing Loans (NPLs) of Micmerah from various banks in line with its mandate under the AMCON Act. All efforts to peacefully resolve the loan were allegedly frustrated by Chief Mike Emerah, the prime promoter of the company, which left AMCON with no other choice than to seek justice in the court of competent jurisdiction.

Confirming that AMCON had already taken over the assets/properties of Micmerah as directed by the court, the Head, Corporate Communications of AMCON, Jude Nwauzor, in the statement, explained: “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 the order of the court such as in the case of Micmerah, 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 as mandated by the court 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.”