N1.5bn Debt: Court Grants AMCON’s Request to Take over Firm’s Asset Wale Igbintade Justice Akintayo Aluko of the Federal High Court sitting in Lagos has granted an order directing the Assets Management Corporation of
Justice Akintayo Aluko of the Federal High Court sitting in Lagos has granted an order directing the Assets Management Corporation of Nigeria to take over the assets of a Lagos company, SAMOL Limited.
9/11, Oleleh Street, Ejigbo, Lagos with Certificate of Occupancy No 33 Page 33 in volume 1994C of land Registry Alausa Lagos. “An interim order restraining the 1st Defendant company, SAMOL Ltd from transferring, dealing with, sell, grant as gifts or in any other manner do anything or take any step that will affect their shares by way of pledge, transfer, sale or any other action prejudicial to the interest of the applicant.”
In an affidavit in support of the application deposed to by Aminu Muhammed Idris, a credit officer in the office of the AMCON, he stated that SAMOL company on October 30, 2000, had applied for an overdraft facility of N30 million from the defunct Oceanic Bank of Nigeria Plc, which would be utilised strictly to fund purchase of cement from Dangote Industries limited.