Nigeria: AMCON Seizes Hydro Hotels Over N600 Million Debt

7 September 2020

The Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Hydro Hotels Limited in Niger State over N600 million debt.

Affirming the decision of the Federal High Court in Minna, the Court of Appeal through Hon. Justice Habeeb A.O. Abiru, Hon. Justice Abubakar Datti Yahaya and Hon. Justice Amina Audi Wambai in Suit No: CA/A/70/2018, involving AMCON vs. Hydro Hotels Limited & 1 other, the court granted AMCON judgment against Hydro Hotels Limited and its chief promoter, Alhaji Isah Mohammed Ladan over the sum that has been a subject of litigation.

A statement by AMCON's spokesman, Jude Nwauzor, said the appellant court also ordered the forfeiture of moveable and immoveable assets of the hotel and further granted AMCON full possession and outright power of sale of the properties.

"Armed with the order, AMCON through its appointed Debt Recovery Agent - Ajunwa & Co. took effective possession of four top properties of the obligor, which include properties situated at Plot 165/166 MTP. 95A, measuring 0.300 hectares at Farm Centre, in Minna, Niger State; Plot 173 & 174 MTP. 95A consisting of 0.414 hectares;

"Property at No. 1 Wawa Road, New Bussa, Niger State, and the property at No. 82 Garkuwas Residence, New Bussa, Niger State," it said.

AMCON has been in a long-drawn legal battle with the company since 2015, first winning the case against the obligor at the Federal High Court.

More From: Daily Trust

Don't Miss

AllAfrica publishes around 900 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.