Nairametrics| The Asset Management Corporation of Nigeria (AMCON) on Friday took over the assets of Woksons International and its owner. This followed a court injunction issued by Justice Babs Kuewumi of the Federal High Court, Lagos division. Here are key highlights of the take over:
Amcon took over the company due to its debt which is over N5 billion.
The assets taken over include asphalt plants, hotels and several houses belonging to the company and its owner. Chief Williams Oki.
The court order also froze all bank accounts belonging to Chief Oki and Wokson International.
Justice Kuewumi also ordered the Inspector General of Police (IGP) and the Commissioner of Police, Delta State Police Command to provide protection for court bailiffs and the receiver appointed by Amcon to enable them enforce the order.
A spokesman for Amcon, Mr Jude Nwauzor said the corporation had sought the court order after all efforts towards an amicable repayment plan had failed.
Mr Nwauzor also stated that Amcon would continue it’s recovery drive which began in 2016.
As at June 2016, Mr Oki and his company were one of the top 100 debtors to the corporation. Initial loans taken amounted to N8.9 billion and were taken from the now defunct Oceanic bank and FCMB. The coming days may thus witness similar take overs by banks and banks in the country. Skye bank last week had taken over Intercontinental Hotel and assets belonging to its owners over indebtedness to the bank.