Reports reaching us states that the premises of Silverbird gallery along Ahmadu Bello Way Victoria Island, Lagos, Nigeria have been sealed off by AMCON. The sealing of Silverbird is connected to a debt of 11Billion Naira owed by the organization. A court ordered was given to AMCON to take over the property owned by Senator Ben Murray Burce and his brothers.

Excerpt: Asset Management Corporation of Nigeria (AMCON) on Thursday morning 23rd June, 2016 took over the assets of three companies belonging to politician Ben Murray-Bruce and his brothers.
The assets are being seized following the failure of Senator Murray-Bruce and his brothers to settle an N11 billion loan owed Union Bank and acquired by Asset Management Corporation of Nigeria. AMCON was established on the 9th of July, 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.

Mr. Murray Bruce and his brothers, using their companies, had between 2005 and 2007 borrowed various sums of money 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 three companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.


Read more via the link below

http://akukohub.com.ng/silverbird-gallery-on-ahmadu-bello-way-vi-sealed-by-amcon/