N440m debt: AMCON seizes Doggi Group’s assets

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By Usman Sulyman

Following the order of Honourable Justice A.I.Chikere of the Federal High Court, Abuja division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets worth N440 million belonging to Alhaji Umaru Abdullahi, the Chief Promoter of Doggi Group Limited.

A statement from AMCON on Thursday, 18, June, 2020 said the Justice gave the order on June 5.

It reads: “In compliance with the enforcement order, AMCON on Thursday, June 18, 2020, took effective possession of the two properties through its receiver – Mrs Juliet Benson of Benson Reeds Legal Practitioners, which include properties situated at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory, Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.

“The case of Doggi Group Limited and its promoter had been a protracted issue because the loan was purchased during the first phase of Eligible Bank Assets purchase from Union Bank Plc back in 2011.

“Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor, and his company, Doggi Group Limited, have remained unwilling to repay the huge debt to the corporation.”

Providing more explanations on the issue, Mr Jude Nwauzor, Head of Corporate Communications Department, AMCON, who signed the statement said, “Yes, we enforced the judgement on the properties today as given by Justice Chikere’s court, and are grateful to the Federal High Court for working on behalf of Nigerians to recover some of the debts owed the country by a few individuals, despite the challenges posed by the dreaded Coronavirus pandemic to institutions, including the judiciary.

“As we have always said in the past, our priority at AMCON has never been and will never be to take over anybody’s properties.

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