Stories by Vivian Okejeme
Abuja
A Federal High Court sitting in Lagos, has granted leave to the Assets Management Company of Nigeria (AMCON), to take possession of the property of a firm, Odengene Air Shuttlle Services Limited over N1.8billion loan default.
Justice Chuka Obiozor ruled that AMCON should take over the firm’s Heliport, its Aircraft (Eurocopter AS 335 N) with Certificate Number 140x, Nationality and Registration marks. 5N-BPD and Aircraft serial number 5641 owned by the firm.
In its ruling, the court also ordered AMCOM to take over two units of Eurocopter AS 350 B2 Helicopters with Serial Numbers 3840 and 3994 respectively, and Nigerian registration marks 5N-BLI and 5N-BKA.
AMCON had through its lawyer, Mr. Kachina Tyowanan, in a motion ex-parte marked FHC/L/CS/1139/16, prayed the court for the order to take possession of the company’s property.
In the affidavit in support of the motion ex-parte, deposed to by Mr. Ismaila Manu, an official of AMCON, the agency said the company secured a loan from the defunct Fin Bank and Bank of Industry, which as at February 29, 2015, stood at N1,809,504, 393.17.
Manu said after the company was unable to repay the loan, parties in the matter, including the Managing Director of the firm, Everest Nnaji, who is the 2nd defendant in the matter, agreed to harmonize and restructure the loan and the interest to enable the defendants pay.
According to AMCON, after the indebtedness was restructured, it was agreed at N909,252, 046.72 as at November 30, 2011.
Going further, the company explained that after it acquired the indebtedness of the defendants from Fin Bank and Bank of Industry, it waited on the defendants for many years to liquidate the loan but to no avail.
They added that several letters of demand were written to the defendants to repay the loan, but they never did.
After listening to AMCON counsel, Mr. Kachina in his application, the court granted the request to take over the property of the firm.
The Judge subsequently, adjourned the case to March 23rd, 2017.
