AMCON seizes Jabfal Enterprises’ assets over N440m debt

Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Joshua Abiodun Faleye, the chief promoter of Jabfal Enterprises Limited over N440 million debt.

The agency’s action followed the order of Honourable Justice C. J. Aneke of the Federal High Court, Lagos division.

AMCON said the asset takeover was in compliance to the order.

AMCON had last week took possession of two properties through its Receiver – Benson Reeds Legal Practitioners. The assets the government agency took over include properties situate at Plot 9, Block XIV Okuta Elerinla Residential Estate, Akure, Ondo State and Plot 3, Block IV, State Residential Layout, Okuta Elerinda, Akure, Ondo State.

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The case between AMCON and Jabfal Enterprises Limited and its promoter have been a protracted litigation issue since the loan was purchased during the first and second phases of Eligible Bank Assets (EBAs) purchase from Unity Bank Plc and Intercontinental Bank (now Access Bank Plc) almost 10 years ago.

Confirming that AMCON had enforced on the assets in line with the order of the court, Jude Nwauzor, Head, Corporate Communications Department, at AMCON said, “Yes, we enforced on the properties as ordered by the court.”

Providing more insight into the case, he said in securing the credit facilities (the term loan and overdraft), the respondents had pledged as securities the properties belonging to Joshua Abiodun Faleye and executed deeds of legal mortgages in that regard.

According to the statement, sometime in 2010, AMCON by virtue of a loan purchase and limited service agreement effective December 31, 2010, was assigned the absolute rights, title, interest, benefits arising and connected with the term loan and overdraft due for the debtors to pay having become due and payable and they (Jabfal and its promoters) failed, neglected and refused to pay the debt to AMCON.

(The Nation)