A day after they were sealed by officials of Assets Management Corporation of Nigeria (AMCON) over alleged loan default, some subsidiaries of Silverbird Group reopened for business on the afternoon of Friday, June 24, with apologies to their “viewers, listeners and online subscribers.”
AMCON, last Thursday, effected a court order to take possession of Silverbird Galleria Limited, Silverbird Promotions Limited, and Silverbird Showtime Limited, all part of the media group owned by businessman and politician, Ben Murray-Bruce, and his family.
The takeover was necessitated by an alleged failure of the three companies to repay about N11 billion credit they obtained from Union Bank of Nigeria.
AMCON, a federal government-backed agency, established to manage delinquent loans of big firms and individuals, said it had purchased all the debts as part of a bailout deal it reached with Union Bank when it was in distress.
The three businesses, with offices in Lagos, Abuja and Port-Harcourt, were emblazoned with red caveats that informed the general public that they had been taken over by the government.
In his reaction to the takeover, Mr. Murray- Bruce said his businesses are going through “tough times.” He sued for calm, saying, “the situation is being resolved and things will be back to normal.”
That much came to pass on Friday, at least, in operational context, when Silverbird Television and Rhythm FM, two of the many subsidiaries of the group, announced their return on air.
“We thank you for your patience and understanding at this time. But Murray-Bruce and his brothers would not be in charge of running the businesses,” said Kunle Adegoke, an attorney working with Muiz Banire, the debt recovery manager overseeing the takeover. Adegoke told Premium Times on Friday evening that the reopening of the businesses should not come as a surprise to Nigerians. He said they were only repossessed by the authorities, but, not liquidated. The lawyer said AMCON would continue to superintend the affairs of the businesses in order to make them more effective and profitable but added that Murray-Bruce and his brothers would be carried along in the day-to-day running of the businesses.
“That is true. The purpose of Receivership is to ensure the businesses are run consistently and to recover the loan that is outstanding against the three companies.
“The receiver has taken over the finances of the organisation together with the administrative office,” Adegoke said.