AMCON takes over G.Cappa’s property over unpaid debt
Asset Management Corporation of Nigeria (AMCON) has taken over a property belonging to G.Cappa Plc, located at Bornu way, Ebute Metta, following an order of a Federal High Court, Lagos.
The take over was in a bid to recover a debt of N1.2b. The Court said AMCON should take over the property, pending the hearing and determination of the substantive debt recovery suit.
The trial Judge, Chukwujekwu Aneke while restraining the G. Cappa from dealing with the property in any form, also ordered that accounts maintained in any bank and financial institution in Nigeria by the construction company be frozen.
The order of the court was sequel to an affidavit in support of an application sworn to by Mr Victor Igabor, the Credit Directorate of AMCON.
The matter was argued on behalf of AMCON by Chief Chuks Okeugiri. The deponent averred that sometimes between 28th April, 2000 and March 2002, G.Cappa Plc applied for and was granted the sum of N880m loan by United Bank for Africa Plc (UBA).
Igabor also said that the loan was secured by property situate at Kano street, Borno way, Ebute metta and a yard Situate at 8, Taylor, Iddo, Bond line.
The loan was later purchased from the bank by AMCON.
“But at the expiration of the facility, the company failed and neglected to liquidate its indebtedness thereby leaving outstanding balance of N1,207,296,646.46”, he said. Adding that despite several appeals to the company on the need to balance up the loan, nothing has been done by the company to repay the loan.
According to him, that prompted the plaintiff to mandate their counsel, Chief Chuks Okeuguri to commence legal action against the company to recover the debt.
AMCOM is claiming N1,207, 296,646.45 with an interest at the rate of 21 percent from the 4th of June 2014 till judgment is delivered and thereafter as well as10 percent until final liquidation of the judgment sum.
However in its statement of defence, counsel to the defendant, Mr Taiwo Taiwo, denied that it failed to liquidate its indebtedness to UBA as the issue has always been that of ascertaining its exact indebtedness to UBA Plc.