The Asset Management Corporation of Nigeria has announced the takeover of the properties of Tonique Oil Services

AMCON, in a statement on Wednesday, said the action was based on the order of the Federal High Court.

The AMCON Act allows the corporation to take possession of assets of recalcitrant debtors while the recovery action is pending in the court.

The corporation said it had purchased the non-performing loan of the oil services firm, a defaulting customer of Skye Bank Plc.

It said, “Debt recovery proceedings were initiated before the Federal High Court pursuant to the special procedure prescribed under the AMCON Act against the oil firm whose debt, which was in excess of N200m remained unpaid after several demands.

“Preliminary steps in furtherance of the debt recovery action necessitated the application by AMCON for ex-parte orders of possession of the immovable properties of the customer pledged as security for the debt and also injunctive Mareva orders freezing the funds of the debtor company in about 21 banks in the country.”

The statement said the order was given on February 21, 2012 by Justice O J Okeke of the Federal High Court Lagos and added the debt recovery proceedings would continue on March 6.

AMCON had earlier this year urged all its debtors and other obligors to pay up their debts or come forward with acceptable repayment proposals.

In a statement, it advised debtors and other connected obligors to disabuse their minds of any erroneous notions that such debt obligations would not be vigorously pursued and enforced by the corporation.

AMCON had also noted that its primary focus last year was assisting with financial system stability, by the recapitalisation of hitherto weak banks, and the de-risking of the books of Nigerian banks, in accordance with its primary functions and objects under the AMCON Act, 2010.

AMCON said it would this year focus on the most critical statutory imperative of recovering and realising debts owed it through the acquisition of non-performing loans from Nigerian banks.

Source: Punch/Ademola Alawiye