Senator Ben bruce is trouble as AMCON secures court order to takeover companies owned by him(Photos)


Senator Ben-Bruce and his brothers reportedly failed to settle an N11 billion loan owed Union Bank and acquired by AMCON.

Ben Bruce’s assets to be taken over by AMCON.

AMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation’s financial system.

Its enabling law empowers it to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner.

Senator Bruce and his brothers have allegedly been using their companies between 2005 and 2007 with various sums of money borrowed from Union Bank.

After they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing.

AMCON is now seizing the assets belonging to the four companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.

The properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone AOO, Abuja, and the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.

Premium Times reports that the planned takeover followed the June 17 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset Management Corporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors.

The order allows the Receiver/Manager to take possession of the said properties. AMCON had on April 18 appointed a Senior Advocate of Nigeria, appointed Muiz Banire, the receiver/manager over the sprawling properties.

Named as defendants in the suits are Senator Murray-Bruce, Guy Murray-Bruce, Michael Murray-Bruce, Guy Murray-Bruce and Jonathan Murray-Bruce, who is the senator’s first son.

An AMCON insider said Mr Banire had concluded arrangements to take over the assets on Thursday morning (today).

Ben Bruce scandal
First page of court order clearing AMCON to take over Senator Ben Bruce’s assets.

In the same vein, the Lagos division of the Federal High Court has frozen the accounts of Capital Oil and Gas Industries Limited, which is owned by Ifeanyi Ubah.

The court action was sequel to a request of the Asset Management Corporation of Nigeria (AMCON) for an interim injunction against the company.

According to The Punch, Justice M.B. Idris, while granting the exparte order on the application of Mr. A. B. Mahmoud SAN, counsel for AMCON, on Wednesday April 13, restrained Capital Oil and Gas and Ubah from dealing with any assets or funds of the company within the jurisdiction of the court.

The court also gave order freezing all the bank accounts of the company until the matter is finally determined.

Ubah, who is a major player in the downstream sector of the oil and gas industry has been in a protracted negotiation and court battles with AMCON who purchased nearly N100bn debt of Capital Oil and Gas from several banks.

The federal government on Monday, May 30, made fresh moves to recover loans granted to various commercial banks and cooperate organizations in Nigeria.

The recovery of loans granted by the Asset Management Corporation of Nigeria (AMCON) will be recovered through the effort of a presidential committee established approved by President Muhammadu Buhari.

A statement by the Salihu Isah, the spokesperson to the attorney general of the federation, Abubakar Malami, said the committee – a presidential inter-agency committee on recovery of loans – was inaugurated on Thursday, May 19, in Abuja.

Isah said that the committee approved by the president and led by the attorney general of the federation is expected to ascertain the current status of AMCON recoveries from inception to date.

He said that most of the debtors cut across the aviation, banking and oil and gas sectors have failed to repay the loans while some of them had resorted to court actions all in their bid to frustrate the loan recovery efforts of AMCON.