Hon. Justice Chuka Austine Obiozor of The Federal High Court Lagos Division has granted an interim injunction against Afrijet Airlines Limited, owned by Chief Vitalis Ibe on the application of Asset Management Corporation of Nigeria (AMCON).
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 Limited. AMCON has since appointed Prof. Gbolahan Elias, SAN as Receiver/Manager.
At about 11:00am Friday, the Receiver/Manager took possession of the assets of Chief Ibe including Afrijet Plaza, the corporate head office of the airlines located on Sheraton-Opebi Link Road Ikeja, Opebi, Lagos; his asset at Plot 22, JimohOdutola Street, off Eric Moore Road, Surulere, Lagos as well as his office at the Airport. The Court order mandated the Receiver/Manager to also take over on behalf of AMCON and any other offices, branches, stores, warehouses, factories of Chief Ibe and his companies located and/or traced for the purpose of satisfying the indebtedness.
Justice Obiozor, the presiding judge while granting the order on the application of Prof. Gbolahan Elias, SAN counsel to AMCON, restrained Ibe and his companies, directors, agents, servants and/or privies from operating, withdrawing from or otherwise tampering with the funds belonging to and/or deposited in any of his bank accounts under whatever name or guise in any bank or financial institution in Nigeria. Chief Ibe who would not repay the huge debt owed the Corporation has been in protracted negotiations with AMCON.
The Court therefore ordered the Inspector General of Police, Assistant Inspectors General of Police, and the Commissioner of Police in charge of Lagos State, its Deputy and all other Police Officers under them to assist Prof. Gbolahan Elias, SAN, the Receiver/Manager and the Bailiffs of the Federal High Court in the enforcement of the orders of the Court. No incident was recorded during the enforcement exercise.
Afrijet Airlines formally operated from the NAHCO Building on the grounds of Murtala Muhammed International Airport in Ikeja, Lagos. At some point in the history of the airline, it also operated regional cargo operations high profile security flight operations in the Democratic Republic of Congo. The airline later moved to its corporate headquarters in Opebi, Lagos, which was one of the assets AMCON took over yesterday. Afrijet Airlines still maintains an aviation maintenance shop with its sister company Elite Aviation.
AMCON under Ahmed Kuru, Managing Director/Chief Executive Officer, had continually maintained that it would not be business as usual for all top debtors of the Corporation because some 400 obligors of the Corporation account for more than N4.5 trillion, which is approximately 80 per cent of the total outstanding loan balance of the Corporation’s over 12,000 accounts.
To deal with the situation however, the Kuru-led AMCON recently increased the tempo of its recovery activities using firmer negotiation strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its recalcitrant debtors especially those that are politically exposed and business heavyweights to repay their debts.

http://thenationonlineng.net/amcon-takes-afrijet-airlines-assets-n10b-debt/

He has seen nothing yet

He should pay up his debt and get back his business.

Pay your debt.

Nah dem

Hmmmm

It is not business as usual anymore.

For all those myopic lots crying witch-hunt, your wailing days just started.

This is serious.God really love this country no matter our divisions and diversities. We are less violent nation. This people, I mean so called elites are the most wicked sets of people in the world. The same set of people will loot government money,public funds, borrow from banks without collateral until they wreck the banks. They borrow money and take it abroad to live an extravagant life with their families. They are tax evaders, and all their kids and children have tripple citizenships in first grade countries around the world. They are wicked and doesn't care about common man. How can you wreck banks here and you, have banks esterblished in other African countries. Just Google energy banks owned by jimoh Ibrahim in princepe and Sao tome and other African countries. While he wrecked the one here and carried the money to operate another in neighboring countries. Wicked souls. Just look at societe general bank, trade banks and so on. Many pensioners ,including both desd and living of the people crying winch hunts lost money to these people indirectly because of these banks. Mumu people.

And we acted as nothing happened and cry winch hunts.
That is why we must support any form of recovery of looted funds either witch-hunt or wizard hunts. If we loose it now, it is just a matter of time they will turn Nigeria to Zimbabwe. The next thing they will do then is to take the next available flight to USA to meet their families and follow what is happening in Nigeria on cnn, leaving common man to struggle until death.
The banks that suppose to support small scale businesses to boost economy prefare to sponsor elections illegally. By the time you really see how these people do tax payers and investors money you will ask questions how are we surviving in this country? This country, if managed well suppose to be one ,if not the most prosperous black nation and one of the best in the world and here we are, shouting winch hunt. We need fresh orientation in this country . This people are not our friends but enemies.Nigeria will be great again.

All this debtors borrowing BILLIONS, with no intention to make any payment!!!
Big Men for mouth and heavy debt for neck !!!

Amcon, this una taking over and shutting down I no understand again o, BTW una don paint common sense his building way una dent? I heard Dangote is owing you people 209 billion una don shut him factories?

All dis ppl owning money wnt they pay

Hope no worker will lose their job as a result of this takeover. There should be a way for renegotiation for situations like this

Buhari make ppl don dey work oo

Waiting for the witch hunt crew

AMCON

The new bulldog

Amcon ...efcc ...dss...der are working for one man...i will not call his name because na 5% ppl der are using to shine and still der don't want tl leave the 5% is it dat the 5% is more important dan the 95%

in Olamide's voice, amcon ti takeover, punchline o jawo mo

i know the owner of the closed company will come from this part of the country.
i will only take this government serious wen northerners are treated same way

Lo ba tan!

What's happening in 9ja dis days? AMCON Season1 episode419

Hmm

AMCON and EFCC are twins.

nobody will cry winch hunt now o....if na bruce lee.....

its really ironic/baffling that bruce and other business tycoons,who are preaching about how to revive the economy,are actually some of the people killing the economy.


Ben bruce,nicon,afrijets and jimoh borrowed money to set up a business.their various business are flourishing,but they refused to service their loans...isnt that greed?

Well, nairalanders supporting these criminals are not too different from them,since most nigerians are known for not paying back loans

Okay.
The fact is AMCON can only recover just a meagre of that amount.
Truth is before AMCON takes over, they must have cleared the "treaury".
Don't be fooled these people know what they're doing.

ok

Nice development. Loans are meant to be serviced and not just collect and spray in parties all in the name of being called big men.
For those who might be wondering how these big men are able to get loans up to billions from banks, it's quite simple. When you go to the bank that u want a loan of say 7billion for business purposes, you go with ur contribution of say 1 billion , and list of ur collateral properties. The bank then sends estate valuers to value your properties and send in a valuation report detailing the open market value and forced sale value of the properties. Now the property alone does not guarantee that the bank's money is safe with you, so they ensure you get an insurance policy that covers the full FSV of the property and in the contract of insurance the banks interest is noted as the first loss payee in the event of a loss.
It is after then the bank will drop it's contributions and from then u have a time line of refunding the loan. It is when you default that problems start. However, to protect business relationship banks in Nigeria don't always feel inclined to seal off the business premises in the event of default and that is where their problems start.

Thank God AMCON is doing a good job sha

nony43:
Amcon, this una taking over and shutting down I no understand again o, BTW una don paint common sense his building way una dent? I heard Dangote is owing you people 209 billion una don shut him factories?

so true!make alhaji dangote drop something too ooo!abi he wan hear am from Amcon.

Nigeria is making common sense these days .
Not longer a country where anything can go before you do such now you would have to rethink.
This is good for us.

Anytime i buy an item and promise to pay later i know what mama ochuko did to me in the street so i was force to pay with my
house rent money.
so, debtors paying ooo

The Rich in Nigeria have been feeding on us since d beginning of democracy. Tanx 2 Buhari's new AMCON dey must pay back

Good