AMCON extends takeover bid to Wokson International

By Chijioke Nelson   |   20 May 2017   |   4:00 am  

Managing Director, AMCON, Ahmed Kuru

The Asset Management Corporation of Nigeria (AMCON) yesterday extended its takeover dragnet to all the assets of Delta State-based Wokson International Limited.

Justice Babs Kuewumi of the Federal High Court, Lagos Division, granted the bad bank an injunction against the company in both of its Asaba and Warri operations.

The order, therefore, mandates AMCON to take over all the assets of Wokson International Limited and Chief William Oki, the promoter of Wokson International Limited, over N5billion indebtedness.

Already, AMCON has taken over all the assets of the company and Oki, as ordered by the court through the Receiver, Robert Ohuoba, who also received protective orders from the court.

The assets include asphalt plants, hotels and several houses. The order also froze all accounts of the company and Oki anywhere and in any financial institution in the name or belonging to the duo.

According to the order, “…all financial institution served with the order hereby made shall comply by filling at the Registry of the Federal High Court affidavits showing cause and serving same on the Claimant’s Legal practitioner and in the event that money is found in any account standing in the credit of the defendant to transfer such sum to the nominated account of the Claimant forthwith.”

The court also directed the Inspector General of Police and the Commissioner of Police, Delta State Police Command to assist and protect the Bailiffs of the Federal High Court and the Receiver, Ohuoba (appointed by AMCON).

Confirming the development, AMCON’s Head of Corporate Communications, Jude Nwauzor, said: “We saw it coming, because the said debt is long overdue. “I want you to understand that before we get to this stage with any of our obligors, we must have patiently tried to resolve the matter without going to court.



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