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AMCON seizes Centage Savings and Loans’ assets over N3.5b debt

The Asset Management Corporation of Nigeria (AMCON) at the weekend took over 13 prime assets linked to Centage Savings and Loans Limited and its chief promoter, Mr. Johnson Ndukwe, over an indebtedness of over N3.5 billion.

The seizure followed an order of Justice C. J. Aneke of the Federal High Court Lagos Division. After the October 8, 2020 court order, AMCON had started detailed and strategic enforcement plan amid the rampaging coronavirus pandemic as the assets are scattered around various locations in Lagos and the Federal Capital Territory (FCT).

AMCON stated that having met with the requirements needed for a lawful enforcement execution, it simultaneously on Friday, March 19, 2021 took possession of the properties through its debt recovery agent– Elite Law—amid mild resistance from some resident association members, who apparently might not have anticipated any encumbrances having supposedly bought from Centage Savings and Loans Limited who unknown to them is indebted to AMCON.

The properties included those situate at 18 Ligali Ayorinde Street, Victoria Island, Lagos; Plot 1, Unit 2, Imam Abi1minla, Ogombo Village, Ajah, Lekki; No 4 Otunba Tunde Seriki Close and Igo Efon, Lekki, Lagos.

Others were situated at Ologolo Road, Maiyegun Village, Ajah, Lagos; No 18 Adeyemo Alakija Street, Victoria Island, Lagos; House J25A & House J25B, Road 3 Close, Victoria Garden City, Lekki, Lagos; Centage Estate, Apo, Abuja; and Plot MF 472, Sabon Lugbe, Abuja.

In addition, the court ordered the freezing of accounts belonging to Centage Savings and Loans Limited and that of its Chief Promoter, Mr Ndukwe.

Head, Corporate Communications, AMCON, Jude Nwauzor, noted that the case of Centage Savings and Loans Limited and its chief promoter have been a protracted issue since the loan was purchased during the first and second phases of Eligible Bank Assets (EBA) purchase from the then Finbank (now FCMB) and GTBank, over 10 years ago.

“Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor and his company, Centage Savings and Loans Limited have remained recalcitrant and unwilling to repay the huge debt owed the corporation,” Nwauzor stated.

According to him, the value of the collateral tied to the loan was insignificant considering the debt, which prompted AMCON to carry out asset tracing in line with its powers granted it under the AMCON Act, 2019.

Thenation

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