The Asset Management Corporation of Nigeria (AMCON) has taken over a factory and other assets belonging to Polema Industries Limited and its chief Promoter, Chief Emmanuel C. Obi over N500 million debt.
This followed an order from 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 that all the bank accounts of the company as well as that of Chief Obi be frozen.
In compliance with the order, AMCON through Barr. Chike Adaka of Elite Law, the Debt Recovery Agent who also received protective orders from the court on Wednesday, June 24, 2020 took effective possession of Polema Industries Limited, located at KM 5, Osisioma Industrial Layout, Aba, Abia State; another one at 32/34 Faulks Road also in Aba as well as 31, Okigwe Road in the same city.
In justification of the takeover, AMCON realised that peaceful negotiations with the obligor, which has 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 all sorts of soft landing to enable him to repay the debt as well as continue to run his business all to no avail.
“Once an order is issued by the court, AMCON is also mandated to carry out the order, which is what transpired in the case with Polema Industries Limited. It is also indicative of the fact that all avenues of a peaceful resolution of the matter has failed.
The enforcement action against Polema Industries Limited, which is provided for under Section 49-52 of the AMCON Act 2019 as amended is the fate most recalcitrant obligors face.”
