The Asset Management Corporation of Nigeria (AMCON) will on Thursday morning take over the assets of three companies belonging to Business mogul and Member of the Senate Ben Murray-Bruce and his brothers.
The assets are being seized following the alleged failure of Senator Murray-Bruce and his brothers to pay off N11 billion loan owed Union Bank and acquired by AMCON.
The planned takeover followed an interim order 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, on June 17, which 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.
Senator Murray Bruce and his brothers, using their companies, had borrowed various amount of money from Union Bank between 2005 and 2007.
AMCON purchased the loan in 2011, to save the bank from collapsing, after they reportedly repeatedly defaulted in paying back the money.
AMCON is now seizing the assets belonging to the three companies used in securing the loan – Silverbird Showtime Limited, Silverbird Productions limited and Silverbird Galleria Limited.
The properties include the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt City, Rivers State capital, the structure at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria) and the plaza at Central Area Cadastral Zone AOO, Abuja.
