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AMCON takes over Polema Industries’assets over N500m debt

The Asset Management Corporation of Nigeria (AMCON) yesterday took over assets, including a factory belonging to Polema Industries Limited and its chief Promoter, Chief Emmanuel C. Obi, over N500 million in debt.

AMCON acted on an order from Hon. Justice F. O. G. Ogunbanjo of the Federal High Court, Abuja, granted the corporation possession over the company and its assets in Suit No: FHC/ABJ/CS/227/2020. Justice Ogunbanjo also ordered that the bank accounts of the company as well as that of Chief Obi be frozen.

In compliance with the order, AMCON through Chike Adaka of Elite Law, the Debt Recovery Agent, who also received protective orders from the court on Wednesday, June 24, 2020, took possession of Polema Industries.

The company is located at KM 5, Osisioma Industrial Layout, Aba, Abia State; another at 32/34 Faulks Road also in Aba as well as 31, Okigwe Road in the same city.

AMCON said it had realized that peaceful negotiations with the obligor, which have been ongoing for a long time had broken down completely. The loan in question was purchased from the defunct FinBank (now FCMB) in 2011 during the first phase of Eligible Bank Asset (EBA) purchases.

Since then, AMCON has continued to engage the obligor and has extended a soft landing to enable him to repay the debt as well as continue to run his business all to no avail.

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