THE Asset Management Corporation of Nigeria (AMCON) has seized the assets of Hydro Hotels Limited over N600 million debt.
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The takeover of the company’s assets was confirmed at the weekend by Jude Nwauzor, the Head of Corporate Communications Department at the government recovery agency.
Affirming the decision of a Federal High Court in Minna, Niger State, the Court of Appeal, through Justice Habeeb A. O. Abiru, Justice Abubakar Datti Yahaya and Justice Amina Audi Wambai, the court granted AMCON judgment against Hydro Hotels Limited and its Chief Promoter, Alhaji Isah Mohammed Ladan, on the debt.
The appellant court also ordered the forfeiture of moveable and immoveable assets of Hydro Hotels Limited and Ladan.
The court further granted AMCON full possession and outright power of sale of the properties. AMCON has been at work since President Muhammadu Buhari signed the amended AMCON Act into law. The amendment provides the government agency additional powers to go after its obligors, majority of who have remained recalcitrant for years.
Armed with the court order, AMCON, through its appointed Debt Recovery Agent, Ajunwa and Co., took effective possession of four top properties of the obligor.
These include the properties at Plot 165/166 MTP. 95A, measuring 0.300 hectares at Farm Center, Tunga Ward, Near New Secretariat, Minna, Niger State; Plots 173 and 174 MTP. 95A, consisting of 0.414 hectares; Property at 1 Wawa Road, New Bussa, Niger State, and property at 82 Garkuwas Residence, New Bussa, Niger State.
The case of Hydro Hotels Limited and its promoter has been prolonged as the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Finbank (now FCMB) in 2010.
Due to the lack of adequate collateral, AMCON said its investigation on Ladan revealed other hidden properties belonging to the obligor in Niger State, which were hitherto not known to AMCON.
The agency’s move to expand investigation and trace additional assets, it stressed, is in line with Section 49 (1) & (2) of the AMCON Act 2019 (as amended).
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