From Uche Usim, Abuja

The Asset Management Corporation of Nigeria (AMCON) has taken over 13 principal assets belonging to Centage Savings and Loans Limited and its Chief Promoter, Mr. Johnson Gabriel Ndukwe, over N3.5 billion debt.

AMCON in a statement released by its Spokesman, Jude Nwauzor, on Friday, noted that the action follows the order of Justice C.J. Aneke of the Federal High Court, Lagos Division delivered on October 8, 2020.

AMCON said it commenced a detailed and strategic enforcement plan amidst the rampaging coronavirus (COVID-19) pandemic as the assets are scattered around different locations in Lagos and the Federal Capital Territory (FCT), Abuja.

Having met with all the requirements needed for a lawful enforcement execution, AMCON said that it effectively took possession of the properties in Lagos and Abuja on Friday through its Recovery Agent– Elite Law, amidst mild resistance from some resident associations members who apparently may not have anticipated any encumbrances having supposedly bought from Centage Savings and Loans Limited who unknown to them is heavily indebted to the agency.

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“The properties in question as listed by the court order, which AMCON effectively took over include properties situate at 18 Ligali Ayorinde Street, Victoria Island, Lagos; Plot 1, Unit 2, Imam Abibu Street, Adetoro Victoria Island, Lagos; Centage Trade Centre, Awolowo Way, Ikeja, Lagos; Block B, Plot 19 Maiyegun Village, Lekki, Eti Osa LGA, Lagos; Block C, Plot 15, 17, 19 & 20 Maiyegun Village, Lekki, Eti Osa LGA, Lagos; Ivory Garden Estate, Isheri North, Magoro, Lagos; 20 Plots of Land at Ibu Ominla, Ogombo Village, Ajah, Lekki; No 4 Otunba Tunde Seriki Close and Igo Efon, Lekki, Lagos.

“The rest include property situated at Ologolo Road, Maiyegun Village, Ajah, Lagos; No 18 Adeyemo Alakija Street, Victoria Island, Lagos; House J25A & House J25B, Road 3 Close, Victoria Garden City, Lekki, Lagos; Centage Estate, Apo, Abuja; and Plot MF 472, Sabon Lugbe, Abuja. In addition, the court ordered the freezing of all accounts belonging to Centage Savings and Loans Limited and its Chief Promoter, Mr Johnson Gabriel Ndukwe”, AMCON stated in the statement.

The case of Centage Savings and Loans Limited and its chief promoter have been a protracted issue since the loan was purchased during the first and second phases of Eligible Bank Assets (EBA) purchase from the then Finbank (now FCMB) and GTBank, over 10 years ago. Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor and his company, Centage Savings and Loans Limited have remained recalcitrant and unwilling to repay the huge debt owed the Corporation.

The value of the Collateral tied to the loan paled into insignificance considering the debt, which prompted AMCON to carry out asset tracing in line with the powers granted to the Corporation under the AMCON Act, 2019 (As Amended).

This latest developing story in the court case between AMCON and Centage Savings and Loans Limited was confirmed late on Friday from Abuja head office of AMCON.