23 June 2016
Senator Ben Murray Bruce’s Silverbird franchise has been seized by the Asset Management Corporation of Nigeria (AMCON).
The assets were taken over by AMCON Thursday morning following a court order.
The Senators’ assets – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited – were ordered seized due to failure to settle an N11 billion loan.
The properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone, Abuja, and the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt.
The law suit had listed Ben Murray-Bruce, his brothers, Guy Murray-Bruce, Michael Murray-Bruce, Roy Murray-Bruce and his son Jonathan Murray-Bruce as defendants in the case.
The unpaid debts currently in question were money borrowed in various sums from Union bank between 2005 and 2007.
Following the brothers’ refusal to pay back their debts, 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 following a court order.
The takeover follows 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.