AMCON takes over assets of Doggi Group over N440 mlb debt
The Asset Management Corporation of Nigeria (AMCON) on Thursday said it has taken over the assets of the owners of Doggi Group Limited, Umaru Baba Abdullahi over N440 million debt owed the corporation.
The takeover, according to a statement by the ‘bad bank’ was a sequel to the ruling of the Federal High Court Abuja, presided over Justice A.I. Chikere.
The statement signed by Jude Nwauzor, AMCON head of corporate communications said the corporation in compliance to the enforcement order, AMCON on Thursday, June 18, 2020, took effective possession of the two properties through its Receiver – Juliet Benson of Benson Reeds Legal Practitioners.
The assets taken over include properties situate at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory (FCT), Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.
According to AMCON, the Doggi Group Limited had borrowed the loan from Union Bank Plc way back in 2011 while it was purchased during the first phase of Eligible Bank Assets (EBA).
It said since the purchase of the debt from Union Bank, 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, Doggi Group Limited have remained recalcitrant and unwilling to repay the huge debt to the Corporation.
“Yes, we enforced on the properties today as ordered Justice Chikere’s court, and are grateful to the Federal High Court for working on behalf of Nigerians to recover some of the debts owed the country by a few individuals despite the challenges posed by the dreaded Coronavirus (COVID-19) pandemic to institutions including the judiciary,” Nwauzor said.
“Like we have always said in the past, our priority at AMCON has never been to take over anybody’s properties or assets. Our mandate is to recover Nigeria’s money in the hands of these obligors. However, we have observed that the obligors enjoy hiding under some legal technicalities to delay even the repayment arrangement they negotiated and signed.
“When you have held several meetings and arrived at an agreement but the obligor decided to make a U-turn by reneging, it leaves AMCON with no other option than to approach the court. In the case of Doggi Group Limited and its promoter, AMCON did everything any responsible and law-abiding organistaion ought to do to help the promoter and his business continue to no avail,” the spokesman said in the statement
AMCON said the take over of the Doggi assets is the beginning of series of such take over slated to ensure that debtors are made to repay their obligations to the corporation.