AMCON takes over Micmerah

19th April 2019

April 19, 2019

A Federal High Court sitting in Awka, Anambra State, has ordered the Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Micmerah International Agency Limited.

AMCON had appointed Chief Tagbo Anieto as Receiver/Manager over the assets of Micmerah International Agency Limited, which owes it over N1 billion. The company is located in Onitsha, Anambra State.

In compliance with the court order, AMCON, through the receiver/manager took over the business and assets of Micmerah International Agency Limited.

Justice I.B. Gafai, who presided over the matter granted AMCON the full possession as well as power of sale over the assets of Micmerah International Agency Limited now in the custody of AMCON. AMCON in a statement said it had taken over the Non-Performing Loans (NPLs) of Micmerah International Agency Limited from various banks in line with its mandate under the AMCON Act.

All efforts to peacefully resolve the loan were frustrated by Chief Mike Emerah, the prime promoter of the company, which left AMCON with no other choice than to seek justice in the court of competent jurisdiction.