First Bank

Tuesday, June 21, 2016

Unpaid Debt! Amcon Takes Over Former Gov Idris Wada’s Companies, Court Orders Directors To Declare Fixed And Floating Assets Anywhere In Nigeria!

Following an interim order of a federal high court in Lagos, the Asset Management Company of Nigeria (AMCON) through its appointed receiver/manager, Chief Robert Ohuoba has taken over the business, trading activities and all fixed and floating assets of firms belonging to a former governor of Kogi State, Idris Wada over an alleged unpaid debt.

The affected firms are
Tampetro Nigeria limited and International Logistic & fulfillment services limited. Apart from Wada, other directors of the companies are Abubakar Shehu Tambuwal, James Zubairu and Zalihatu Abubakar Shehu.

The order was sequel to a motion exparte filed by AMCON counsel, Ohuoba urging the court to freeze accounts of all the defendants.In his decision, Justice Mohammed Yunusa also attached the debt due or accruing from all the defendants and froze all their accounts anywhere and in any financial institution in the name or belonging to the defendants and that all financial institution served with the order shall comply by filing at the Registry of the federal high court affidavits showing cause and serving same on the claimant’s legal practitioner and all monies found in any account standing in the credit of the defendants shall be transferred to the nominated account of the Claimant.

The judge ruled: “That an interim order granting the claimant possession of all that properties, movable and immovable, comprising buildings, fixtures, vehicles and any other chattels howsoever described belonging to the defendants, pending the hearing and determination of debt recovery proceeding / claims form to be filed by the claimant in accordance with Asset Management Corporation of Nigeria Act 2010 is granted.”

The court also directed the 3rd to 6th defendants who are directors of the 1st defendant to depose to a declaration of all their fixed and floating assets anywhere in Nigeria within the Jurisdiction of the Federal High Court under oath and file same at the Registry of the Federal High Court within seven days of the service of the order on them.

Also, the court ordered the Inspector General of Police or the Commissioner of Police of all the States of the Federation to assist the Bailiffs and/or Deputy Sheriff of the court to enforce the orders.

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