BEVERLY HILLS, June 23, (THEWILL) – The Asset Management Corporation of Nigeria, AMCON, on Thursday took over the assets of three companies belonging to Senator Ben Murray-Bruce and his brothers following their failure to settle an N11 billion loan owed Union Bank and acquired by AMCON.
The Bruce brothers reportedly used their companies to borrow various sums of money from Union Bank between 2005 and 2007. But following their alleged default in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing.
The corporation, which was established in 2010 as a key institution for stabilising the nation’s financial system, is now seizing the assets belonging to the three companies used in securing the loan namely; Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.
The properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone AOO, Abuja, and the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.
The planned takeover followed the June 17 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset Management Corporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Others.
The order allows the Receiver/Manager to take possession of the said properties.
AMCON, which is empowered to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner, had on April 18 appointed Muiz Banire SAN, the receiver/manager over the sprawling properties.
Defendants in the suits include: Senator Murray-Bruce, Guy Murray-Bruce, Michael Murray-Bruce, Guy Murray-Bruce and Jonathan Murray-Bruce, who is the senator’s first son.
Meanwhile, policemen have barricaded all properties belonging to Silverbird Group as Silverbird TV has stopped live transmission of its programmes. Checks by THEWILL on the channel of the station as at 10:50 am on Thursday showed a blank screen.
