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Tag: AMCON

  • AMCON, EFCC collaborate to recover N4.6tr debts

    AMCON, EFCC collaborate to recover N4.6tr debts

    The Asset Management  Corporation of Nigeria (AMCON) and the Economic and Financial Crimes Commission (EFCC) have partnered to recover over N4.6 trillion debts owed the corporation by debtors. Both agencies, had in a meeting yesterday in Abuja, agreed to consolidate on the gains of their relationship especially in the areas of investigating, prosecuting and compelling all debtors of AMCON,  in accordance with the relevant laws.

    The AMCON Managing Director/CEO Ahmed Kuru and EFCC’s Acting Chairman, Ibrahim Magu agreed on the need to revisit some banks and their officials that were instrumental to the abuse and violation of internal processes that led to the huge non-performing loans in AMCON’s portfolio.

    Kuru said AMCON acquired debts from 22 banks worth N3.7 trillion and provided financial accommodation to 10 banks of about N2.2 trillion. He observed that despite AMCON’s recovery efforts, the corporation still holds unresolved loans in excess of N4.6 trillion which represents about 75 per cent of total national budget. He expressed concern that failure on the part of AMCON to resolve the debts will have far reaching implication for the nation at large.

    Both agencies are planning to revisit, reinvestigate and duly prosecute such banks and the responsible officials.

    Magu described the assignments of both agencies of government as “very tough, overwhelming and challenging.” He however added that he was happy that AMCON under Kuru is doing everything within its mandate to confront the obligors with all the risks involved in the process of doing so.

    He said it was for that reason that EFCC established AMCON Desk with dedicated EFCC officials that ensures that all AMCON related cases in EFCC received speedy attention. Magu assured Kuru that the AMCON Desk at EFCC will continue to be functional adding that the EFCC is willing to increase the number of personnel on the Desk if so required and would be willing to establish a Lagos branch if necessary to make sure these huge loans are recovered in the interest of the Nigerian economy.

    Condemning the impunity with which those transactions were done, the EFCC boss affirmed that some of these obligors “who took loans without the intention of paying back” did not envisage that someday an agency like AMCON will come knocking on their doors seeking to recover the loans. According to him, giving the similarity in the objectives of both agencies, the acting EFCC Chairman said there is need for joint trainings towards fostering better understanding between AMCON and the EFCC.

     

     

  • N3b debt: AMCON gets court’s nod to takeover Gateway Portland Cement

    N3b debt: AMCON gets court’s nod to takeover Gateway Portland Cement

    Justice A.T. Mohammed of Federal High Court Abeokuta Division, Ogun State at the weekend granted powers to the Asset Management Corporation of Nigeria (AMCON) to takeover Gateway Portland Cement Limited. This followed the injunction against the company and Dr. Olumuyiwa Odegbami.

    With this development, AMCON’s Receiver, Mr. Charles Adeogun-Phillips has formally  taken possession of Gateway Portland Cement Limited factories and facilities located in Abeokuta and Mowe areas of Ogun State over a debt profile of nearly N3billion, which has been a subject of litigation for some time now.

    The court in the ruling restrained the Gateway Portland Cement Limited and the promoters whether by themselves, their agents, privies, or whosoever howsoever from moving, into the firm, withdrawing money from or with any bank or financial institutions that hitherto does business with the cement company excluding in Nigeria pending the hearing and determination of the suit to be filed by the applicants for recovery of its outstanding debts.

    The order also restrains Gateway Portland Cement Limited and the promoters by themselves, their agents, servants and, or their privies from interfering with or otherwise obstructing or frustrating the Receiver appointed by AMCON in performing his duties.

    Gateway Portland Cement Limited and the promoters were therefore directed to deliver to the Receiver appointed by AMCON all the charged assets of the company in their possession forthwith.

    To ensure that the court order is carried out as directed, Hon. Justice A.T. Mohammed directed the Inspector General of Police, the Assistant Inspectors General of Police, the Commissioners of Police in charge of any location where the pledged assets of Gateway Portland Cement Limited might be found to assist the bailiff and the AMCON Receiver, Mr. Charles Adeogun-Phillips in the enforcement of the order.

    AMCON under the current management team lead by its Managing Director/Chief Executive Officer, Mr. Ahmed Kuru, has continually maintained that there would be no rest for recalcitrant debtors of the Corporation like in the case of the promoters of Gateway Portland Cement Limited, which he said remains the only way AMCON mandate could be realised within the timeframe of the assignment and in the interest of the country’s economy.

    Only recently the AMCON boss told The Nation that despite the efforts of the Corporation to resolve the huge debts in its portfolio, it identified 350 obligors’ accounts that represent about 80 per cent of AMCON’s current exposure of N2.5 trillion as at December 31, 2016.

    Kuru said it was based on this that AMCON repositioned its debt recovery approach to strengthen legal and credit restructuring units to collaborate on the aforementioned 350 accounts, which he termed “defaulters” enhance the restructuring and turnaround team and engage in asset tracing to facilitate recoveries.

     

  • How to fund Budget 2017, by AMCON

    How to fund Budget 2017, by AMCON

    •350 men owing enough to finance N2.3t deficit

    THOSE ON THE DEBTORS’ LIST AS AT DECEMBER 2016

    • Rockson Engineering Company Limited (N105 billion)
    • Capital Oil-Gas Industries Limited (N102.4 billion)
    • MRS Holdings Limited (N83.8 billion)
    • Dansa Oil & Gas/Bulk Pack (N41 billion)
    • Bi-Courtney Limited, (N35.5 billion)
    • Home Trust Savings & Loans Limited (N27.2 billion)
    • National Clearing & Forwarding Agency (N20 billion)
    • Roygate Properties (N24.6 billion)
    • Suru Worldwide Ventures Limited (N25.8 billion);
    • Tanzila Petroleum (N52 billion);
    • Multi-Trex Investment Limited, (N3.8 billion)
    • Resort International Limited (N38.4 billion)

     

    But many of the debtors have taken AMCON to court. Some are either contesting the figures or denying owing the corporation a penny.

    IT is no longer news that the Federal Government will be going cap in hands to raise N2.3 trillion loans from local and international sources to fund this year’s Appropriation of N7.44 trillion.

    What is news is that the cash trapped in the hands of some 350 Nigerians is more than the deficit in the Budget of Economic Recovery and Growth.

    The Asset Management Corporation of Nigeria (AMCON) yesterday described as unacceptable the bleeding of the economy when the indebtedness of 350 Nigerians could reflate the economy.

    It described the debtors as economic saboteurs who should be made to fulfill their obligations for economic growth.

    But it would no longer be business as usual for the debtors as the agency has concluded plans to uses every means within the ambit of the law to recoup the cash.

    AMCON’s Managing Director/Chief Executive Officer Ahmed Kuru spoke of the corporation’s plan to be hard on such debtors with a view to freeing some money for the economy to grow.

    Kuru spoke yesterday in Enugu at a retreat between AMCON and members of the House of Representatives Committee on Banking and Currency.

    He said that the obligors owed the corporation to the tune of N2.5 trillion, adding that the prevailing situation had hampered business models in the country.

    According to Kuru, it was more intriguing that the debtors had sued in various courts across the country, either by disputing the debt or claiming damages against AMCON.

    He said: “Our recent assessment of obligors identified 350 accounts that represent about 80 per cent of AMCON’s current exposure of N2.5 trillion as at December 31, 2016.

    “Consequently, we have repositioned our debt recovery approach to strengthen legal and credit restructuring units to collaborate on the aforementioned accounts termed defaulters.”

    He said that the corporation was established in 2010 to intervene in the banking sector to maintain economic and social stability in Nigeria due to the unprecedented rise in nonperforming loans.

    Kuru said: “AMCON acquired over 13, 000 of such loans worth N3.7 trillion from 22 banks and injected N2.2 trillion as financial accommodation to 10 banks in order to prevent systemic failure.

    “This intervention helped stabilise the financial system as about N3.66 trillion of depositors’ funds and interbank takings were protected and approximately 14,000 jobs were saved.”

    AMCON, according to its managing director, had so far recovered N716.1 billion from obligors of which cash and assets accounted for 45 per cent and 55 per cent respectively.

    He called for legislative intervention to enable the corporation overcome the bottlenecks militating against debt recovery.

    In an opening remark, the Chairman, House Committee on Banking and Currency, Jones Onyereri, said such retreats fell within the legislative oversight ambit of his committee.

    Onyereri said that the exercise enabled the National Assembly to be duly informed on how to straighten the operational efficiency of the corporation through legislative instruments.

    He said that AMCON was created to assist the Nigerian financial sector to achieve stability by buying toxic assets of Eligible Financial Institutions.

    “I find it troubling that while some of these obligors frustrate AMCON recovery efforts by exploiting the court system, they continue to do business with the Federal Government,” the committee chair said.

    Onyereri assured that the report of the retreat would receive the support of the committee with a view to amending AMCON Act for greater efficiency.

    In a presentation, AMCON’s General Manager, Credits, Joshua Ikioda, said it was unfortunate that 350 people were holding the country to ransom.

    Echoing Kuru, he said the N2.5 trillion owed by the 350 obligors was enough to fund the 2017 budget deficit.

    “We have a budget gap of N2 trillion while 350 Nigerians are owing us more than that. The Federal Government will have no need to borrow in order to finance part of the budget if they pay the debts”, he said.

    He said that it was unacceptable that a few people would mortgage the future of the country, adding that everything would be done to get the obligors pay the debts.

    “The challenge now is for Nigerians to see the benefit in getting a loan and paying. If nothing is done to the people owing us, we might be indirectly passing a wrong message to younger generations. This is a national call,” Ikioda said.

    Enugu State Governor Ifeanyi Ugwuanyi, who opened the retreat, called for efficient debt control and recovery system.

    He described the retreat’s theme: “Enhancing debt recovery efforts as a tool for growing the nation’s economy’’ as apt.

     

    No more acquisition of toxic debts

    Onyereri said lower chamber of the National Assembly would stop AMCON from further purchasing new bad debts from Deposit Money Banks (DMBs).

    He noted that since the national economy was already on the path of recovery from recession, it would no longer be advisable for AMCON to take on that responsibility now.

    The lawmaker said: “We are aware that some economists are clamouring for AMCON to buy more toxic assets from the Eligible Financial Institutions (EFIs). We wish to sound a note of warning that this committee will not, I repeat, will not support any such move.

    “At least, not at a time like this in the history of our economy, the very high-level of non-performing loans in the country are worse than the 2009 experience and far above the regulatory threshold.”

    Commending AMCON for performing above board as a federal interventionist institution, Onyereri expressed worry that the corporation often faces institutional and legal constraints to achieving optimum results.

    In 2015, Onyereri noted, the House decided to amend certain aspects of the AMCON Act to further strengthen the corporation, including taking a resolution on the establishment of a Sinking Fund to support its operations.

    The lawmaker traced the legal and institutional bottlenecks to lack of co-operation from EFIs; issues relating to claw-back on EFIs and intervened banks, and wrong interpretation of the AMCON Act, resulting in conflicting decisions by the courts, especially where it relates to possessory and freezing orders.

    The other challenge, he said, has to do with disingenuous acts of the obligors, who exploit court processes and the shortcomings in the extant statutes to frustrate the efforts of the corporation to recover the loans from obligors.

    He said: “I find it troubling that while some of these obligors frustrate AMCON recovery efforts by exploiting the court system, they continue to do business with the federal government and get paid.

    “These issues contribute a lot in hampering the efforts of the corporation and must be nipped in the bud through proactive legislative instruments.

    “We have to find ways to ensure better cooperation from the EFIs to enable AMCON effectively recover these loans. Where they are not willing to cooperate with AMCON, then AMCON must and should enforce its right of claw-back on the EFIs.

    He said AMCON must be empowered to recover the public funds used to buy these bad loans that helped prevent the EFIs from going under.

    Onyereri also stressed the need to sensitise the courts to speed up the process of resolving AMCON cases before it, by streamlining the processes and preventing obligors from using technicalities to circumvent the process.

     

  • 350 businessmen owe banks N2.5tr – AMCON

    350 businessmen owe banks N2.5tr – AMCON

    The Asset Management Corporation of Nigeria (AMCON) on Monday said at least 350 individuals in the country currently owe banks a total sum of N2.5 trillion.

    The Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, disclosed this at a Retreat for House of Representatives Committee on Banking and Currency in Enugu.

    He told the committee members  that the Corporation’s recent assessment of obligors as at December 31, 2016 identified 350 accounts with current exposure of N2.5 trillion  representing about 80 per cent of AMCON’s total obligor debt.

    The amount, according to him was enough to cover the 2017 budget deficit.

    He said: “AMCON has also repositioned its debt recovery approach to strengthen legal and credit restructuring units to collaborate on the aforementioned 350 ‘loan defaulters,’ enhance the restructuring and turnaround team and engage in asset tracing to enhance recovery. Despite the difficulties, AMCON continues to persevere in the face of adversity.”

    Providing additional insight into AMCON challenges, Kuru said the Corporation’s failure to recover the debt, principally owed the Central Bank of Nigeria (CBN), cannot be quantified as it goes beyond economic cost.

    According to him, AMCON debt repayments to CBN in the last two years were N456.4 billion and N517.7 billion respectively, while the actual payments were N256.7 billion and N191.1 billion in 2015 and 2016, respectively.

    The AMCON chief added: “This translates to a funding shortfall of N199.7 billion and N326.4 billion in 2015 and 2016, respectively. Of this shortfall, repayments due from AMCON in 2015 and 2016 represented 42 per cent and 53 per cent, while the resolution cost fund represented 58 per cent and 47 per cent in 2015 and 2016, respectively. The funding plan envisaged contribution of 70 per cent from the resolution cost fund and 30 per cent from recovery.

  • N4.7b debt: AMCON siezes multi-billion naira Lagos, Ogun, UK properties

    N4.7b debt: AMCON siezes multi-billion naira Lagos, Ogun, UK properties

    The Asset Management Corporation of Nigeria (AMCON) yesterday took over multi-billion naira properties in Lagos, Ogun and the United Kingdom from three firms and eight others following an alleged N4,680,343,681.47 bank debt.
    The assets, including land, houses, cars and generating plants, were seized yesterday morning by AMCON officials in simultaneous operations in Lekki in Lagos, Isheri in Ogun State and the UK in execution of a Lagos Federal High Court order.
    Justice Abdulaziz Anka made the order last August 16 in Suit No FHC/AB/CS/69/16 filed by AMCON against 11 respondents including three firms: Havilah Villas Ltd, Grant Properties Ltd and Knight Brook Ltd.
    The other respondents are Rev. Olajide Awosedo, Rev. Mrs. Abosede Olajide Awosedo, Engr. Edun Kayode, Arch. Adebayo Kayode, Adaba Anthony, Byoma Andrew and Mfon Adebayo.
    The interim order authorised receiver/manager, Lanre Ola oluwa to take possession of the assets pending the determination of the suit.
    The properties include 14 hectares of land and buildings at Victory Park Estate, Igbokushu, Lekki; House J1 Olajide Awosedo Avenue, Goshen Beach Estate, Lekki and land at River View Estate, Isheri, Ogun State.
    AMCON said it acquired, by a Loan Purchase and Limited Servicing Agreement, the N4.68b non-performing loan that Havilah Villas Limited secured in 2006 from Intercontinental Bank Plc (now Access Bank).
    The loan was guaranteed by Grant Properties Limited. AMCON also advanced a further loan of N300,000,000 to Havilah Villas Limited.
    The N300 million, which was also allegedly guaranteed by Grant Properties, has also not been settled by the debtors.
    The firm then appointed Ola oluwa as receiver/manager and approached the Federal High Court last August 3, in line with the Asset Management Act, 2010 (as amended) and the AMCON Practice Directions over the indebtedness of the debtors.
    In granting the interim order, Justice Anka directed AMCON to take over all the assets of the debtors, their directors, shareholders and guarantors pending the determination of suit.
    It also restrained the public and all financial institutions from any prejudicial dealings in respect of the properties and other assets of the respondents.
    No date has been fixed for hearing of the substantive suit.

  • N4.7b debt: AMCON seizes multi-billion naira properties in Lagos, Ogun, UK

    N4.7b debt: AMCON seizes multi-billion naira properties in Lagos, Ogun, UK

    The Asset Management Corporation of Nigeria (AMCON) has taken over multi-billion naira properties in Lagos, Ogun and the United Kingdom from three property firms and eight others following an alleged N4,680,343,681.47 bank debt.

    The assets, including land, houses, cars and generating plants, were seized in execution of a Lagos Federal High Court order authorising receiver/manager Lanre Olaoluwa to take possession of the properties pending the determination of a suit before the court.

    Justice Abdulaziz Anka made the order in August 16 last year in Suit No FHC/AB/CS/69/16 filed by AMCON against 11 respondents including three firms – Havilah Villas Limited, Grant Properties Limited and Knight Brook Limited.

    The other defendants are – Rev. Olajide Awosedo, Rev. Mrs Abosede Olajide Awosedo, Engr. Edun Kayode, Arch. Adebayo Kayode, Adaba Anthony, Byoma Andrew and Mfon Adebayo.

    The properties include 14 hectares of land and buildings at Victory Park Estate, Igbokushu, Lekki, House J1 Olajide Awosedo Avenue, Goshen Beach Estate, Lekki and land at River View Estate, Isheri, Ogun State.

    According to AMCON, the defendants’ assets in the UK were also taken over by its officials on Friday in a simultaneous execution.

    AMCON said it acquired by a Loan Purchase and Limited Servicing Agreement, the N4.68b non-performing loan that Havilah Villas Limited secured in 2006 from Intercontinental Bank Plc (now Access Bank).

    The loan was guaranteed by Grant Properties Limited. AMCON also advanced a further loan of N300,000,000 to Havilah Villas Limited.

    The loan facility, which was also allegedly guaranteed by Grant Properties, has also not been settled by the debtors.

    The firm then appointed Olaoluwa as receiver/manager and approached the Federal High Court on August 3 last year in line with the Asset Management Act, 2010 (as amended) and the AMCON Practice Directions over the indebtedness of the debtors.

    In granting the interim order, Justice Anka directed AMCON to take over all the assets of the debtors, their directors, shareholders and guarantors pending the determination of the suit.

    No date has been fixed for hearing of the substantive suit.

  • Kuru forecloses emergence of AMCON II

    Kuru forecloses emergence of AMCON II

    The possibility of establishing AMCON II to reduce the volume of non-performing loans in the banking industry is not in view, the Managing Director, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has said.

    He however said the advocates of the proposed debt body could start a private sector intervention. “AMCON II as an asset management is not possible anymore,” Kuru said.

    Kuru, who spoke at a briefing in Lagos over the weekend, said as the non-performing loans (NPLs) of banks keep burgeoning, at over N1.5 trillion, the Nigerian Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN) were looking for sustainable ways of reducing the NPLs to the barest minimum.

    One of the options the two institutions are considering is the floating of a private sector driver AMCON to replace the current government controlled AMCON. The NDIC and the CBN said they were studying recommendations for a second AMCON.

    Kuru said AMCON was able to reduce its loss position from N304.2 billion in 2015 to N254.34 billion last year. However, due to losses suffered from of its subsidiaries, the Group total loss increased to N352.15 billion in 2016 from N295.45 billion in 2015.           He said N268 billion was charged into AMCON’s profit and loss account yearly as interest expense, adding that AMCON’s collaboration with agencies such as Debt Management Office (DMO), CBN, NDIC has been cordial.

    He said AMCON is expected to, within 10 years of its existence, find solutions. “We should be able to find solutions to the bad loans in 10 years. We need to repackage outstanding loans, sell them and move on,” he said.

    Kuru said the corporation had invested more than N300 billion to support businesses, but that it is no longer putting money to support businesses.

    “We stopped putting money in businesses in the last three years; we do not invest cash in businesses anymore,” he said.

    He said the corporation had stopped buying loans from banks. “We have stopped purchase of new  loans. If any bank has challenge, it should be tackled with the prudential guidelines. Buying more loans will encourage rascality and make banks to be cooking all manner of loans,” he said.

    On the sinking funds, he said it is not within the scope of AMCON to raise the sinking fund. He said banks a percentage of their balance sheets to the sinking funds, and some lenders are even making higher contributions to the funds compared to their level of profitability.

    Kuru said the corporation is close to selling Peugeot Automobile Nigeria (PAN) Ltd, a local car assembly joint venture, to Africa’s richest man, Aliko Dangote, and two Nigerian states.

    “We have concluded all processes on the bids since about two months ago; all we are waiting for (now) is the approval of the CBN,” Kuru said.

    PAN, a Nigerian vehicle assembly plant located in Kaduna State, has PSA Peugeot Citroen as its technical partner with a capacity to assemble 90,000 cars yearly, according to its website.

    Dangote, in alliance with the states of Kaduna and Kebbi and the Bank of Industry (BoI), made a bid to acquire a majority stake in PAN last year, as AMCON seeks to sell off some of the assets it acquired in the wake of the banking crisis.

    AMCON, set up in 2010 to clean up the banking system following a $4 billion rescue of nine lenders that came close to collapse, took over PAN after buying up its debt and converting it to equity.

  • AMCON shuts down firm over N5b debts

    AMCON shuts down firm over N5b debts

    Asset Management Corporation of Nigeria (AMCON) has secured a court injunction against Wokson International Limited in Asaba and Warri in Delta State.

    Hon. Justice Babs Kuewumi of the Federal High Court Lagos Division granted AMCON’s injunction at the weekend.

    The order mandates AMCON to take over all the assets of Wokson International Limited and Chief Dr. William Oki, the promoter of Wokson International Limited over a staggering indebtedness of over N5billion.

    Our correspondent gathered that AMCON moved in and took over all the assets of Wokson International Limited and that of its principal, Chief Oki as ordered by the Court through Mr. Robert Ohuoba, the Receiver who also received protective orders from the court.

    The assets, which are now under AMCON, include asphalt plants, hotels and several houses belonging to Wokson International Limited and Chief Dr. William Oki.

    The order also froze all accounts of Wokson International Limited and Chief Dr. William Oki anywhere and in any financial institution in the name or belonging to the duo.

    According to the order, “All financial institution served with the order hereby made shall comply by filling at the Registry of the Federal High Court affidavits showing cause and serving same on the Claimant’s Legal practitioner and in the event that money is found in any account standing in the credit of the defendant to transfer such sum to the nominated account of the Claimant forthwith.”

    The court also directed the Inspector-General of Police and the Commissioner of Police, Delta State Police Command to assist and protect the Bailiffs of the Federal High Court and the Receiver, Mr. Robert Ohuoba (appointed by AMCON).

    Confirming this development, Jude Nwauzor, Head, Corporate Communications, AMCON said, “We saw it coming because the said debt is long overdue. I want you to understand that before we get to this stage with any of our obligors; we must have patiently tried to resolve the matter without going to court. Anytime we end up taking over assets such as in the case of Wokson, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive.”

  • Keystone bank revamps branches

    Keystone bank revamps branches

    On the heels of the announcement of the successful sale of Keystone Bank Limited and the promise of the new investors to take active steps towards turning around its operations in order to become more competitive in the sector, it appears the management of the Bank has proceeded on a drive to give a face-lift to its various branches across the country as part of the post- divestment repositioning.

    Our checks with some of the Bank’s customers across the country revealed that a large spectrum of the customers see this as a welcome development laying credence to the earlier statement from the Bank that the new management of the bank will bring about a transformation which will not only be felt by the staff and customers of the bank through the quality of services, but one that also will be tangible.

    A lot of the branches have come alive with a new look and the staff now carry out their duties with a lot of confidence.

    Many industry experts also believe that this will further engender a positive perception of the brand in the minds of its stakeholders.

    Recall that on the 23rd of March 2017, AMCON successfully divested the assets of Keystone Bank Limited and formally handed the Bank over to the Sigma Golf-Riverbank Consortium.

    These new owners appear to be moving confidently in line with their plans to reposition the Bank effectively in the industry having followed due process by fulfilling all the necessary regulatory and legal approvals through a transparent process that has been hailed by industry watchers, investment analysts and discerning minds.

    It will also be recalled that the process was anchored by a crack team of transaction and legal advisers including KPMG Professional Services, FBN Capital Limited, Citi Bank Nigeria Limited, Giwa Osagie & Co., Banwo & Ighodalo amongst others.

    This, we discovered is quite reassuring to the customers and has bolstered their confidence in the financial institution as it embarks on its transformation.

  • Late judge’s estate not sealed off by AMCON – Family

    The family of a former Chief Judge of the Federal High Court, the late Justice Fredrick Okwudi Anyaegbunam, has debunked reports that his estate on 1, Limca Road, Onitsha, was sealed off by the Asset Management Corporation of Nigeria (AMCON).

    It said the property was formerly occupied by the Nigerian Mineral Water Industries Limited (NMWIL).

    It was reported that AMCON, based on a March 24 ex-parte order obtained from the Federal High Court in Awka in a suit filed by AMCON against NMWIL, sealed off the property while forcefully ejecting the occupants.

    But, the Administrators of the Estate, in a statement, said the estate was not a party to the suit nor indebted to anyone, including AMCON.

    It said the property was merely leased to and occupied by NMWIL until the tenancy ended due to unpaid accumulated debt owed to the Estate, adding that NMWIL is no longer a tenant of the estate.

    The family said the late CJ first let the property to the Eastern Nigeria Development Corporation (ENDC) on March 29, 1967. He later let the building to NMWIL on November 20, 1977.

    It said failure of the “now moribund NMWIL” previously owned by Anambra State government to meet payment obligation resulted in the beneficiaries of the estate exercising their rights of re-entry to the property.

    “The estate owners and beneficiaries have continued to occupy and exercise all rights to the property to the exclusion of other owners, including NMWIL, its debtor tenant,” the statement added.