As part of its recovery efforts, which has been stepped up in the last couple of months, the Asset Management Corporation of Nigeria (AMCON) has initiated steps to wind-up MRS Holdings Limited over its inability to pay a whopping N81billion owed AMCON.
AMCON said it commenced a winding-up proceeding against MRS Holding Limited owned by top businessman, Alhaji Sayyu Dantata, at a Federal High Court, Lagos after all entreaties made by it to Alhaji Dantata and his MRS to settle the outstanding debt failed. AMCON had in Suit No. FHC/L/CP/923/2016 asked the Federal High Court, Lagos Division to allow it force the insolvent MRS, a major player in the downstream sector of the oil and gas industry in Nigeria into compulsory liquidation.
MRS entered into an agreement with AMCON in February 2014 to restructure the debt, which then stood at over N74 billion. In the agreement executed by Alhaji Dantata and another Executive Director of the oil company, MRS agreed amongst other conditions that; in the event of default, all concessions granted under the terms of settlement shall be revoked and the facility called in at the discretion of AMCON.
Alhaji Dantata and one of his directors also signed a default indemnity, which stated that if MRS Holdings Limited failed to pay any sum (of principal, interest or otherwise) due or to become due as agreed, MRS Holdings Limited shall pay additional interest at a default rate determined by AMCON on the unpaid sum from the date when such payment was due up to the default payment.
It will be recalled that only about 400 obligors of AMCON account for more than N4.5 trillion, which is approximately 80 per cent of the total outstanding loan balance of the Corporation’s over twelve thousand accounts with obligors that have become recalcitrant over time despite obvious efforts of the Corporation.
To deal with the situation however, AMCON recently increased the tempo of its recovery activities using firmer negotiation strategies as well as utilising the special enforcement powers vested by the AMCON Act to compel some of its recalcitrant debtors especially those that are politically exposed and business heavyweights to repay their debts.


https://www.today.ng/business/151509/amcon-wind-holdings-n81bn-debt

[size=15pt]when going to AMCON always Vs When AMCON decides to visit you for just a day[/size]

we hear

Change dey really hit everybody.

I support this. Those MRS filling stations are cheats. They have the worst pump and charge among the highest. Nonsense.

Nobody is shouting witch-hunt nw o

Ok

we dey find job una dey close companies. pls you people should leave corruption oh

Hmm.

Oh!!!

the AMCON wind has blown towards Dantata?


I smell deceit though

Story wind up a company owned by Fulani
I can bet my life it will never happen

Amcon is only using this means to beg them to pay

Why amcon don't make this kind of statement before they hurriedly close silverbird

Why is Buhari witch-hunting his opponents? Why? Why?


Sounds ridiculous eh?

Just check the comment above me....

All these rich men of Nigeria they leave on borrowing. Neva see ooo

Following....

black people. sad
only took them six years to destroy texaco

MRS is rather getting divorced by AMCON.


It takes just one bad management team to bring down a healthy company

AMCON should go and sit there ass up if they dnt get there facts right before all these media hyping of taking over properties, after all Jimor Ibrahim defeated them in court yesterday recoverd back all his properties shame

Lolz

Just watch how PDP folks will turn this around and play the victim

Hmm, like seriously? Shegiya subsidy, they have been hiding under it before, but now, it has change. Simply face the music kawai.

Chanji dole

Thank God MRS is not owned by some people I don't want to mention...they for don dey shout witch hunt.

Internal debtors

Hmm

HUM

MRS? Dantata ke? Impossible! Buhari only goes after southerners, everybody knows that.

eph12:
I support this. Those MRS filling stations are cheats. They have the worst pump and charge among the highest. Nonsense.

They said MRS holding (downstream oil & gas owned by Dantata) not Mrs Energy.

johnwizey:
Nobody is shouting witch-hunt nw o

Don't mind those cry babies. If na capital oil now, we no go hear word again.

Holy Moses!!! N81billion??. How much is the turnover of this company?. I hope there is interest moratorium on this facility. The going concern or survival of this company had been compromised with this massive debt. N81 BILLION. How could this get bad. Yet the company is paying a dividend of N1.10 per share. I hope this is not part of the borrowing. Why would this company pay dividend with this heap of debt?

zubby007:

They said MRS holding (downstream oil & gas owned by Dantata) not Mrs Energy.

Oh my bad! But you sure they not related?