Unpaid Debt: AMCON set to take over Ben Murray-Bruce’s companies, assets



Excerpt there is a last-minutes change in plans, the Asset Management Corporation of Nigeria (AMCON) will on Thursday morning take 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 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.
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.

Silverbird Galleria, Lagos, … One of the assets to be seized… Photo Credit: www.aboutlagos.com
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.
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, 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).
Senator Murray-Bruce could not be reached, Thursday morning, to comment for this story. His known telephone line failed to connect. He is also yet to reply a text message sent to him.

houstonia:
what more evidence do we need to identify a tyrant, after them go yab GEJ a man who withstood every opposition, degradation, insults and criticism with silence. Wole Soyinka you won't tell them again “any government that is afraid of criticism is......... ”

thomasthomas:
So the common sense senator cannot even run a common company


yet he wants to tell President Buhari how to run Nigeria

rose54321:
Haba na, the Federal government should step in and bail out companies like this.

If Silverbird is closed down, it's average Nigerians like me and you that will lose their jobs and suffer.

This is common sense, the government should put systems in place to help business and companies from closing down. The military approach wouldn't work here.

I have said my own, if things keep getting hard the masses will protest.

a2personal2013:
Wahala dey ooooo. Everybody that has voiced against this government is now being pursued by one legality or the other. We are all watching in 3D googles where this will lead us to.

We have an unending list of debtors cutting across various Nigerian businesses. Why is BMB being singled out ?

Like we always say " whatever is good for Boniface should equally be good for boniyarnsh"

AZeD1:

What's the government's business in this case?

Mboi:
Nigerians hope you are watching. This govt fights anybody that speaks against it. The painful thing is that our able youths have sold their brains out to the dogs and applaud this govt for doing this. Buhari APC govt cannot do anything in Nigeria. They only fight the opposition and embezzle money. This is the worst and most corrupt govt ever. Those who celebrate this should know that the time when they will cry and wish there's somebody to speak for them as these people being fought now are doing is near.

rose54321:
Haba na, the Federal government should step in and bail out companies like this.

If Silverbird is closed down, it's average Nigerians like me and you that will lose their jobs and suffer.

This is common sense, the government should put systems in place to help business and companies from closing down. The military approach wouldn't work here.

I have said my own, if things keep getting hard the masses will protest.

deji68:
Why only Ben Bruce. ...dangote otedola e.t.c dey the List of debors too...we are heading to a one party state

The said loan was purchased by AMCON in 2011 after the capital base of Union Bank was terribly shaky and the common sense senator has persistently failed to pay the loans and yet has been pretending to be concerned with the welfare of Nigerians whom he has been skinning alive in order to remain relevant and live like a king,” Adegoke said with barely disguised glee.

Realizing that the Senator was not ready to pay back the money, AMCON appointed a receiver/manager to recover the loan. While the agents of the receiver, officials of AMCON and large contingents of armed police officers were seen sealing up the premises of Silverbird Group of Companies in Lagos, Abuja, and Port Harcourt, the staff of the companies were lamenting the failure of their principal to meet his obligations. All efforts to reach the senator proved abortive, as calls to his mobile phones were “being forwarded to another number”.

rose54321:


When the financial crisis hit the US, the govt. had to bail out wall street, the alternative if not doing that meant a looming depression, massive unemployment and the likes.

Government can always intervene, introduce an economic incentive to assist companies from closure.

The said loan was purchased by AMCON in 2011 after the capital base of Union Bank was terribly shaky and the common sense senator has persistently failed to pay the loans and yet has been pretending to be concerned with the welfare of Nigerians whom he has been skinning alive in order to remain relevant and live like a king,” Adegoke said with barely disguised glee.

Realizing that the Senator was not ready to pay back the money, AMCON appointed a receiver/manager to recover the loan. While the agents of the receiver, officials of AMCON and large contingents of armed police officers were seen sealing up the premises of Silverbird Group of Companies in Lagos, Abuja, and Port Harcourt, the staff of the companies were lamenting the failure of their principal to meet his obligations. All efforts to reach the senator proved abortive, as calls to his mobile phones were “being forwarded to another number”.

Mboi:
Nigerians hope you are watching. This govt fights anybody that speaks against it. The painful thing is that our able youths have sold their brains out to the dogs and applaud this govt for doing this. Buhari APC govt cannot do anything in Nigeria. They only fight the opposition and embezzle money. This is the worst and most corrupt govt ever. Those who celebrate this should know that the time when they will cry and wish there's somebody to speak for them as these people being fought now are doing is near.

andresia:


No wonder the albino with shady origin has been yapping cos he knows a day like this will soon come.

They go out attacking so that when their sins find them out, they can conveniently scream witch-hunt to the delight of IPOB yoots!

Olisa Metuh, Fayose and Ben Bruce. same pattern

erusen:
common company, which one you get

thomasthomas:
Not everyone is as silly as you guys. Ben Bruce has been tweeting about how to run the cou try with just common sense and yet he can't run a common company.

I may or may not have but I'm won't criticise someone else for not doing well if I'm not doing well.

It's not a matter of having or not having a company. Some of you need to have your certificates torn and burn for failing comprehension!

MosesNG:
Pls if you can tell me whether the 11bn borrowed by BMB and co wasn't out of other ordinary people's deposits, then you may actually be right but if it happens that the loan amount was from other depositors savings which it is obviously, I wonder what motivates you to support such act. 1 family which u dont belong to (sure of that) destroying the finances of a large number of the ordinary citizen's (where you belong; sure of that too) and ua okay with it. The quality of sense of an average Nigerian beats me!

aieromon:
AMCON has been reactivated to go after the gbese gang. The big dogs get loans from the banks and fail to repay while the rest of the masses will be given a long list of requirements which their ancestors cannot fulfill.

Over to you Senator Bruce. I don't think people visit your cinemas to watch films on credit. Kindly settle your debts.