Ben Bruce Under Debt Pressure As Amcon Takes Over Business Properties

Senator Ben-Bruce and his brothers
reportedly failed to settle an N11 billion loan owed Union Bank and acquired by AMCON.

Ben Bruce’s assets to be taken over by AMCON.

AMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation’s financial system.
Its enabling law empowers it to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner.
Senator Bruce and his brothers have
allegedly been using their companies between 2005 and 2007 with various sums of money borrowed from Union Bank.
After they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing.

AMCON is now seizing the assets
belonging to the four companies used in securing the loan – Silverbird Productions
Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.

The properties include those at 133,
Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza
at Central Area Cadastral Zone AOO, Abuja,and the magnificent structure located at Abonnema Wharf Road and Abali Park in
Port Harcourt City of Rivers State.
Premium Times reports that the plannedtakeover followed the June 17 interimorders granted by Justice CeciliaOlatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset ManagementCorporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors.

The order allows the Receiver/Manager to take possession of the said properties.

AMCON had on April 18 appointed a
Senior Advocate of Nigeria, appointed Muiz Banire, the receiver/manager over the sprawling properties.