N4bn debt: Geedee Zulu Investment Ltd forfeits assets to AMCON
The Asset Management Corporation of Nigeria AMCON has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over their indebtedness to the tune of N4billion since 2011.
This follows an order of a Federal High Court; Lagos division presided over Justice M.S. Hassan.
AMCON in compliance with the enforcement order, on Monday August 31, 2020, began the process of effective possession of the two landed property through its Debt Recovery Agent – Prime Chamber Law Firm.
It was gathered that the takeover, which has now been completed, which include a landed property located at 4 Ekulu Close, GRA Enugu, Enugu State and another property situated along Gborji Road, Aguluezechukwu in Anambra State.
Head, Corporate Communications of the corporation, Jude Nwauzor, in a statement in Abuja Monday, stated that all avenues of peaceful resolution were explored to no avail before AMCON made the decision to seek justice in the court of law.
According to him, the corporation tried everything possible to let the obligor see reasons but noticed a deliberate disdain towards all previous engagements with the chief promoters of the enforced company.
“The case of Geedee Zulu Investment Limited and its promoters have been interminable since the loan was purchased by AMCON during the first phase of Eligible Bank Assets EBA purchases from Union Bank far back as 2011.
“Since the purchase of the EBA, AMCON has offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company Geedee Zulu Investment Limited have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.
With no further option left, the government agency resorted to the court as mandated by the AMCON Act, which was amended by the 8th National Assembly and signed into law by President Muhammadu Buhari. The amended AMCON Act provides the corporation additional powers to go after AMCON obligors especially those of them that have perfected the act of taking advantage of the shortcomings of the Act before its amendment”, the statement also said.