N1.3bn Debt: AMCON Takes over Unicorn Place & Leisure’s Assets

29th June 2020

Following the order of Justice Saliu Saidu of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Ike Nwabuoku, the Chief Promoter of Unicorn Place & Leisure Services Limited over a N1.3 billion indebtedness.

In compliance to the enforcement order, AMCON disclosed in a statement by the Corporate Communications Department of the Corporation, Jude Nwauzor, that last Thursday, it took effective possession of the two properties through its Debt Recovery Agent – Kayode Ajekigbe of Chris O. Okunowo & Co, which include properties situate at 1 & 2, Kwara Street, Osborne, Ikoyi, Lagos and Plot 23 Block 65, Lekki Peninsula Residential Scheme, both in Lagos State.

The court also ordered that the bank accounts of the company and its major stakeholders, Nwabuoku and one other Ifechukwu A. Onyema, be frozen pending the final determination of the suit.

“The case of Unicorn Place & Leisure Services Limited and its promoters has been interminable because the loan was purchased by AMCON during the 1st phase of its Eligible Bank Assets (EBA) purchases from Keystone Bank since 2011.

“Since the purchase, AMCON has offered the obligor all sorts of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company Unicorn Place & Leisure Services Limited have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON,” it added.

The statement further explained that all avenues of peaceful resolution were explored to no avail before AMCON made the hard decision, which led to the eventual takeover of the assets.

Nwauzor, said AMCON before now held several meetings with the obligor and arrived at agreements in principle, the obligor always made a turnaround to default, leaving AMCON with no other option than to approach the court and in the wisdom of the honourable court secured the order to take over.

“Even with the rampaging cases of the Covid-19 pandemic, AMCON from all indications has no intention of slowing down in achieving its recovery mandate,” he said.

The takeover of Unicorn Place & Leisure Services Limited comes few days after the government recovery agency also took over the two buildings belonging to Doggi Group Limited in high-brow areas of Asokoro and Katampe Hills in Abuja.