Nigeria: N4 Billion Debt - Amcon Takes Over Geedee Zulu Investment's Assets

15 September 2020

The Asset Management Corporation of Nigeria (AMCON) said it has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over a staggering indebtedness of over N4 billion.

This, the corporation explained, followed an order of Justice M.S. Hassan of the Federal High Court, Lagos division.

According to a statement, in compliance to the enforcement order, AMCON on August 31, 2020, commenced the process of effective possession of the properties through its Debt Recovery Agent - Prime Chamber Law Firm.

"The takeover, which has now been completed include property situate at No. 4 Ekulu Close, GRA Enugu, Enugu State and property Along Gborji Road, Aguluezechukwu in Anambra State, the statement by the Head of Corporate Communications Department of the corporation, Jude Nwauzor, revealed.

AMCON, he reiterated tried everything possible to let the obligor see reasons but noticed a deliberate disdain towards all previous engagements with the chief promoters of the enforced company.

"The case of Geedee Zulu Investment Limited and its promoters have been interminable since the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank far back as 2011.

"Since the purchase of the EBA, AMCON has offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company Geedee Zulu Investment Limited have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON," the statement added.

More From: This Day

Don't Miss

AllAfrica publishes around 900 reports a day from more than 130 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 allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.