AMCON Takes Possession of Centage’s Assets over N3.5bn Debt

23rd March 2021

The Asset Management Corporation of Nigeria (AMCON) has taken over 13 assets linked to Centage Savings and Loans Limited and its Chief Promoter, Mr. Johnson Gabriel Ndukwe, over an indebtedness of over N3.5 billion. This followed the order of Justice C.J. Aneke of the Federal High Court Lagos Division. The development in the court case between AMCON and Centage Savings and Loans Limited was disclosed in a statement from the Head of Corporate Communications Department of the government recovery agency, Jude Nwauzor, obtained at the weekend. It explained that in compliance with the enforcement order, which Justice Aneke gave on October 8, 2020, AMCON commenced detailed and strategic enforcement plan amidst the rampaging coronavirus pandemic, stating that the assets are scattered around different locations in Lagos and the Federal Capital Territory (FCT), Abuja. It stated that having met all the requirements needed for a lawful enforcement execution AMCON last Friday simultaneously took effective possession of the properties in Lagos and Abuja through its Debt Recovery Agent– Elite Law – amidst mild resistance from some resident associations members who apparently may not have anticipated any encumbrances having supposedly bought from Centage Savings and Loans Limited who unknown to them is heavily indebted to AMCON. “The properties in question as listed by the court order, which AMCON effectively took over include properties situate at 18 Ligali Ayorinde Street, Victoria Island, Lagos; Plot 1, Unit 2, Imam Abibu Street, Adetoro Victoria Island, Lagos; Centage Trade Centre, Awolowo Way, Ikeja, Lagos; Block B, Plot 19 Maiyegun Village, Lekki, Eti Osa LGA, Lagos; Block C, Plot 15, 17, 19 & 20 Maiyegun Village, Lekki, Eti Osa LGA, Lagos; Ivory Garden Estate, Isheri North, Magoro, Lagos; 20 Plots of Land at Ibu Ominla, Ogombo Village, Ajah, Lekki; No 4 Otunba Tunde Seriki Close and Igo Efon, Lekki, Lagos. “The rest include property situated at Ologolo Road, Maiyegun Village, Ajah, Lagos; No 18 Adeyemo Alakija Street, Victoria Island, Lagos; House J25A & House J25B, Road 3 Close, Victoria Garden City, Lekki, Lagos; Centage Estate, Apo, Abuja; and Plot MF 472, Sabon Lugbe, Abuja. In addition, the court ordered the freezing of all accounts belonging to Centage Savings and Loans Limited and its Chief Promoter, Mr Johnson Gabriel Ndukwe,” it added. Centage Savings and Loans Limited and its chief promoter had been a protracted issue since the loan was purchased during the first and second phases of Eligible Bank Assets (EBA) purchase from the then Finbank (now FCMB) and GTBank, over 10 years ago. Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor and his company, Centage Savings and Loans Limited have remained recalcitrant and unwilling to repay the huge debt owed the Corporation. As a matter of fact, the value of the Collateral tied to the loan paled into insignificance considering the debt, which prompted AMCON to carry out asset tracing in line with the powers granted to the Corporation under the AMCON Act, 2019 (As Amended).