AMCON takes over companies belonging to army general over N3.6 billion debt

 

BY OUR EDITOR

The Asset Management Corporation of Nigeria (AMCON) in its continued drive to recover over N5 trillion debt owed the corporation has taken over the entire assets of Bao Yao Futurlex Iron & Steel Company Limited, Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State, promoted by retired army general, Idris Garba and one Shen Yaozhang.

Hon. Justice B.F.M. Nyako of the Federal High Court ordered AMCON to take over the companies through Receivership, following a staggering indebtedness of over N3.6 billion.

A statement by AMCON’s head of corporate communication, Jude Nwauzor, issued at the weekend stated that in compliance with the court order, AMCON through Mr. Robert Ohuoba, the Receiver, has taken possession of Bao Yao Futurlex Iron & Steel Company, Bao Yao Huan Jian Iron & Steel Company Limited and all accounts of the companies in any financial institution in the name or belonging to the defendants, which include Bao Yao Futurlex Iron & Steel Company Limited; Bao Yao Huan Jian Iron & Steel Company Limited, Mr Shen Yaozhang, Mr Ji Yunfeng and Gen. Idris Garba (Rtd.).

The court also granted AMCON possessory order over all that piece of land consisting of buildings/factory and situated at Esuk Utan Village, Calabar, Cross River State, more particularly described as Plot A23 – A30, Calabar Export Processing Zone; All those chattles consisting of five Oil Tank Barges and seven Tug Boats etc.; as well as all piece of land consisting of an acre and situated at Kaduna in the Kaduna Local Government Area, more particularly described as Plot No. 13, Idoma Close, amongst others assets.

Justice Nyako also sanctioned AMCON’s appointment of Mr. Robert Ohuoba, as Receiver over the business and stock in trade and over all fixed and floating assets of both Bao Yao Futurlex Iron & Steel Company Limited and Bao Yao Huan Jian Iron & Steel Company Limited wherever they may be found within the jurisdiction of the Federal High Court.

The court directed the Inspector-General of Police and the Commissioner of Police, in all the states of the Federation to assist and protect the Bailiffs of the Federal High Court and the Receiver, Mr. Robert Ohuoba to carry out the takeover.

“Taking over the firms as directed by the court is an indication that all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive. If you have exhausted all avenues of peaceful resolution, there is no other option available to the AMCON than to commence enforcement action against Bao Yao Futurlex Iron & Steel Company Limited as well as Bao Yao Huan Jian Iron & Steel Company Limited as directed, which is also provided under Section 49-52 of the AMCON Act.”

AMCON had recently published names of top 20 individuals and organisations that are owing the corporation. The list of debtors is made up of politicians, corporate individuals and organisations that have dealings with the government.