Except there is a last-minute change in plans, the Asset Management Corporation of Nigeria (AMCON) will on Thursday morning take over the assets of three companies belonging to politician Ben Murray-Bruce and his brothers.
The assets are being seized following the failure of Senator Murray-Bruce and his brothers to settle an N11 billion loan owed Union Bank and acquired 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.
Mr. Murray Bruce and his brothers, using their companies, had between 2005 and 2007 borrowed various sums of money 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 three companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.
Silverbird Galleria, Lagos, … One of the assets to be seized… Photo Credit: www.aboutlagos.com
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.
The planned takeover followed the June 17 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset Management Corporation 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, Muiz Banire, the receiver/manager over the sprawling properties.
Named as defendants in the suits are Senator Murray-Bruce, Guy Murray-Bruce, Michael Murray-Bruce, Guy Murray-Bruce and Jonathan Murray-Bruce, who is the senator’s first son.
An AMCON insider said Mr. Banire had concluded arrangements to take over the assets on Thursday morning (today).
Senator Murray-Bruce could not be reached, Thursday morning, to comment for this story. His known telephone line failed to connect. He is also yet to reply a text message sent to him.
Premium times reportage.
*OMGoodness!!!..I am sure he will reply soon on his twitter handle.May God help him weather this storm in Jesus name ooooh!
Him and linda are in big mense
ReplyDeleteThey will soon blame Buhari
DeleteWhat does Linda has to do with Murray Bruce? Idiot
DeleteWhat has Linda got to do with this
DeleteAll of a sudden EFCC, DSS and AMCON are now working. Yimu
ReplyDeleteSeizing their assets now, politically motivated. Check the Director of AMCON and see if he/she is not an APC enwe or Bubu brother.
My dear, politically motivated or not, this is a step in the right direction, our country needs it.
DeleteYour comment will be visible after approval.
Some of you folks never cease to amaze me. So even someone is in the wrong, he should be allowed to go without consequence and agencies should not do their jobs?
DeleteAnyway I don't really blame you. Agencies have been inactive for so long that now that they're waking up to their responsibilities, it has become shocking to a few.
That and you've been so bastardised that no longer see anything wrong on it
Aku baby you can do better than this na.....
DeleteThese people are animals....they take loans with no intention of paying back. The ripple effect is often loss of jobs in the banking sector, meanwhile the people who caused it are living large like their wealth was derived from crystal clear hardwork.
Dangote should be next....... that man has caused a lot of banks bad debt over the years.
Politically motivated or not, there should be consequences for such actions.
I am not a Buhari fan and will not abuse or insult him over this, as a matter of fact I am a "Mr Common Sense" fan but if he and his brothers are owing or defaulting its only common sense to pay up and move on. Uncle Ben, please deal with this and let's move forward. I still love you.
DeleteJust say you didn't know they were working.
DeleteAero contractors, cecilia Ibru's assets....were siezed by AMCON.
Hmmm,AMCON is supposed to help get companies that are struggling on their feet again,but following the operations of AMCON in nigeria so far,the reverse is the case,I hope this I not another form of witch hunting
ReplyDeleteGo and read their objectives again.
DeleteThey manage, realize and dispose of eligible bank assets (including the collection of interest, principal and capital due and the taking over of collateral securing such assets).
AMCON does not just acquire assests. The bank apply to them and provide them with all necessary information before they can act.
Na so so witch dey hunt una.. Jimoh Ibrahim's assets were seized it was not witch hunting. The properties of both southerners and northerners who defaulted in paying their debts have been seized. Now it is witches that flying around in your village because Murray Bruce is a nonsensical noise maker.Nigeria will never progress with the mentality of people like you, James and the very retrogressive and reactionary elements like Linda Eze. God bless..... Blast
DeleteAnd one wonders why Nigeria is the way it is.
DeleteStella you funny die. You clearly do not understand the finace game. There would be only one winner here and that is Ben Bruce and family. If I say make I explain am now, e go long die and time nor dey. Abeg who get time and knowledge kindly explain for the benefit of the house.
ReplyDeleteExplain please.
DeleteThere is time, tell us
DeleteTalk jor.
DeleteIf only you could spell "finance" properly I would have taken your words with a pinch of salt.
DeleteStranger
DeleteYour head is there ooo. Alot of people on this blog never get how these things work and am officially done responding to those that just talk anyhow.
Ben bruce and his likes will only get richer and the poor will get poorer.
The explanation go too long.
Flakkie you must be new here. I make spelling mistakes in almost every damn post. The reason(s), you dont need to know but I will do better.
DeleteI am not impressed with all these seizing of assets lately.
ReplyDeleteHow come it is only southerners and Christians that are always the victims. Something is just not right.
James akabogwu, you do know God gave youa brain, right? You are meant to use your brain as it isn't for decoration innugo.
DeleteBorrow sense from your neighbour bikonu
Delete@James,i think so too... Everything is so wrong in this regime.
Delete#i am favoured in Jesus Name. Amen.
And the stupid LA fresh is saying it is not opposition in the previous post.
DeleteOriginal Orue. Christians are above the laws of the land. After fanning the embers of ethnicity and failing , now it is religion..You and your types are Dogs......Blast
DeleteIgoo 68, I don't trade words with dumb people. Better go read all about AMCON and sink with your stupidity
DeleteEven as data cheap reach, all you do with it is to spew trash. Use Google next time. I use it always.
DeletePat, people like you will continue to look for jobs dt never come because you don't even know why you don't have a job. You think the jobs will drop from heaven onto your laps I guess.
Delete@anon 11:39, I return every evil you wish me back to you in Jesus Name;Amen. That is all I have to say to you. By the grace of Almighty God i will get a job, not just any job but a better one and you will be put to shame in Jesus Name. Amen. Pls, stop hiding under anonymous.
Delete@anon 11:39, I return every evil you wish me back to you in Jesus Name;Amen. That is all I have to say to you. By the grace of Almighty God i will get a job, not just any job but a better one and you will be put to shame in Jesus Name. Amen. Pls, stop hiding under anonymous.
Delete#i am favoured in Jesus Name. Amen.
Muiz Banire is Apc's legal adviser. I am enjoying this politics , when Pdp wins the next election or the one after the next and start dealing with Apc members it wont be Witchhunt.Ben Bruce pay your debt the money belongs to the poor people that bought Union Bank shares.
ReplyDeletePls help me explain to the egg heads above headed by James the dunce of sdk.
DeleteSo Dangote doesn't owe. Tell me a muti billionaire in Nigeria that doesn't borrow or owe banks.
DeleteLeave them na. And they dont know his gonna collect a fee/ percentage for seizing these assets and onward transfer to the powers that be in apc.
DeleteWitch hunters @ work again under the umbrella of AMCON
ReplyDelete11billion!! Wow! Let's wait for his reply on twitter
ReplyDelete🐒🐒🐒me patiently waiting for the common sense senator's robust reply on twitter!
ReplyDeleteNa waooo
ReplyDeleteEnd time Gbese
ReplyDeleteNigeria, the country where you take out loans to start/expand a business with no intention to pay back. This isn't witch hunting. AMCON had to use taxpayers' funds to prevent Union Bank from going under. Ben Bruce and co took out loans they could no longer service from Union Bank. Perhaps we should seek to know why the loan turned bad in the first place rather than politicising the issue at hand.
ReplyDeleteWouldn't you rather have our banks give out loans to small businesses that will actually pay back other than some big men whose credentials are the network of people they have as friends.
Mschewwww.
Na wa. Is this a rat race? A rat race is for rats. We're not rats. We're human beings. Reject the insidious pressures in society that would blunt your critical faculties to all that is happening around you, that would caution silence in the face of injustice, lest you jeopardise your chances of self-promotion and self-advancement. This is how it starts. And before you know where you are, you're a fully paid-up member of the rat pack. The price is too high. It entails the loss of your dignity and human spirit." Jimmy Reid, Glasgow University rectoral address, 1972.
ReplyDeleteIn essence ... My bro or sis what are you trying to say? Or is this a case of copy and paste?
Deletereal wah!
ReplyDeleteDat is how I went to a bank to collect 2million loan for my business they refused. If it's a big company that will not pay, they will give them. Just tired. I need loan ooo, who will give Me? So serious
ReplyDeleteAsset Management Corporation of Nigeria takes over distressed/Non-performing banks and Recover the loans owed them.
ReplyDeleteThey rescued Enterprise,Mainstreet and Keystone.
I know Ben-Murray will wriggle out of this though.
They all owe,these Big men that owe major companies in Nigeria use bank money all the time,most of them sank those banks that went under during Sanusi's reign as the CBN Governor.
It is business. Every business man/woman will not turn down a loan..
This is why CBN came up with the Single Obligor limit. No single borrower is given more than a certain amount of Share holder's funds.
Ben-Murray do the needful.