Following the order of Honourable Justice M.S. Hassan of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over a staggering indebtedness of over N4 billion.
In compliance to the enforcement order, AMCON on Monday August 31, 2020 commenced the process of effective possession of the properties through its Debt Recovery Agent – Prime Chamber Law Firm. The takeover, which has now been completed include property situate at No. 4 Ekulu Close, GRA Enugu, Enugu State and property Along Gborji Road, Aguluezechukwu in Anambra State.
Jude Nwauzor, Head of Corporate Communications Department of the Corporation who confirmed the takeover in a release on Monday however 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 enforced company.
The case of Geedee Zulu Investment Limited and its promoters have been interminable since the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank far back as 2011.
Since the purchase of the EBA, AMCON has 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.
With no further option left, the government agency resorted to the court as mandated by the AMCON Act, which was amended by the 8th National Assembly and signed into law by The amended AMCON Act provides the Corporation additional powers to go after AMCON obligors especially those of them that have perfected the act of taking advantage of the shortcomings of the Act before its amendment.