N4bn Debt: AMCON Takes Over Investment Firm’s Assets

The Asset Management Corporation of Nigeria has taken over assets belonging to the chief promoters of Geedee Zulu Investment Limited, Frank Ezuma and Lilian Ezuma, over indebtedness of over N4bn.

The Head of Corporate Communications Department, AMCON, Jude Nwauzor, confirmed the takeover in a statement issued Monday.

He said the takeover, which included property situated in Enugu and Anambra States, followed the order of Justice Hassan of the Federal High Court, Lagos division.

Nwauzor stated that all avenues of peaceful resolution were explored to no avail before AMCON made the decision to seek justice in the court of law.

AMCON, he reiterated, tried everything possible to let the obligor see reasons but noticed a deliberate disdain towards all previous engagements with the chief promoters of the company.

The case of Geedee Zulu Investment Limited and its promoters had been interminable since the loan was purchased by AMCON during the first phase of Eligible Bank Assets purchases from Union Bank far back as 2011, Nwauzor said.

He added, “Since the purchase of the EBA, AMCON offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company Geedee Zulu Investment Limited have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.”

The government agency stated that it resorted to the court as mandated by the amended AMCON Act, which provided the corporation additional powers to go after its obligors.