The Assets Management Corporation of Nigeria (AMCON) took over the assets of Afrijet Airlines Ltd. owned by Chief Vitalis Ibe, on Friday over an unpaid debt of about N10 billion.

AMCON’s Head, Corporate Communications, Mr. Jude Nwauzor, said in a statement that the takeover was based on an interim injunction granted against the airline by Justice Chuka Obiozor of the Federal High Court, Lagos Division.

He said: “the obligor owes AMCON nearly N10 billion. AMCON purchased the Eligible Bank Assets (EBAs), sometime in 2011 from the defunct FinBank and Bank PHB.

“The order also affects Ibe’s Continental Aviation Services Ltd.

AMCON has since appointed Prof. Gbolahan Elias (SAN) as Receiver/Manager.’’

The statement also said the receiver/manager simultaneously took possession of the assets of Ibe, including Afrijet Plaza, the corporate head office of the airlines at about 11 a.m. on Friday.

According to the statement, the office is located at Sheraton-Opebi Link Road, Ikeja, Opebi, Lagos.

It said he also took over the obligor’s asset at Plot 22, Jimoh Odutola St., off Eric Moore Road, Surulere, Lagos, as well as his office at the Murtala Muhammed Airport in Lagos.

“The court order mandated the receiver/manager to also take over on behalf of AMCON any other offices, branches, stores and factories belonging to Ibe and his companies located and/or traced for the purpose of satisfying the indebtedness,’’ the statement added.

It said the court restrained Ibe and his companies from operating or tampering with the funds in his bank accounts under whatever name or guise in any bank or financial institution in Nigeria.

The statement said the court directed the Inspector-General of Police to assist Elias in the enforcement of its orders, adding that no incident was, however. recorded during the enforcement.

“AMCON, under the leadership of Mr Ahmed Kuru, has recently increased the tempo of its recovery and has been going after some of its 400 obligors whose total indebtedness account for more than N4.5 trillion,’’ the statement added.

Author: Cerebral Lemon