N2.4bn Debt: AMCON Takes Over Assets Of Glano Nigeria

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    Following an order of Justice I. N. Buba of the Federal High Court Lagos Division, the Asset Management Corporation of Nigeria, AMCON, has taken over assets belonging to Glano Nigeria Limited over a huge indebtedness of over N2billion.

    In compliance with the enforcement order, AMCON took effective possession of Glano Nigeria Limited property located at No. 22 Woji Road Port Harcourt, the Rivers State Capital, which had been under the management of Sterling Law Alliance since 2019.

    Apart from granting AMCON possession of the property situate at No. 22 Woji Road Port Harcourt, the court also ordered AMCON to take all necessary steps required to realise the assets of the obligor within the judicial division, by seizing and taking any money bank notes, cheques, bills of exchange, promissory note, and all forms of bonds of security for money, with a view to realising the huge outstanding debt.

    The case of Glano Nigeria Limited and its promoter has been a protracted issue because the loan was purchased during the third phase of Eligible Bank Assets, EBA, from United Bank for Africa, UBA, Plc way back in 2013.

     

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