The Asset Management Corporation Of Nigeria Takes Over Polema Industries Assets In Aba Over N500m Debt
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The Asset Management Corporation of Nigeria (AMCON), has announced that it has taken over a factory and other assets belonging to Polema Industries Limited, and its chief promoter, Emmanuel C. Obi, over an indebtedness of over half a billion naira.
The takeover comes as a result of the order of Hon. Justice F.O.G. Ogunbanjo of the Federal High Court, Abuja, who granted AMCON possession over the company and its assets in Suit No: FHC/ABJ/CS/227/2020.
Justice Ogunbanjo also ordered the freezing of all the bank accounts of the company as well as Obi’s.
compliance with the order, AMCON, through Chike Adaka of Elite Law, who also
received protective orders from the court took effective possession
of Polema Industries Limited, located at KM 5, Osisioma Industrial Layout,
and another one at 32/34 Faulks Road, and 31, Okigwe Road, all in Aba, Abia State.
AMCON noted that peaceful negotiations with the obligor, which has been ongoing on for a long time had broken down completely hence the confiscation. The loan in question was purchased from the defunct FinBank (now FCMB) in 2011, during the first phase of Eligible Bank Asset (EBA) purchases.