✕ CLOSE Online Special City News Entrepreneurship Environment Factcheck Everything Woman Home Front Islamic Forum Life Xtra Property Travel & Leisure Viewpoint Vox Pop Women In Business Art and Ideas Bookshelf Labour Law Letters
Click Here To Listen To Trust Radio Live

Firm battles AMCON over properties

it started with an initial staff strength of over 2000 Nigerians

Suru Worldwide Ventures Nigeria Limited, a hotel management firm, is currently at a war with the Asset Management Corporation of Nigeria (AMCON) over what it described as the forceful takeover of its multi-billion naira company in Lagos over an unpaid loan it took from the defunct Oceanic Bank Plc.

The management of the company has also gone ahead to petition the National Assembly, asking the lawmakers to intervene to save the company from sinking.

Suru Worldwide Ventures owns Best Western Lagos Hotel, Ikeja, Opebi Hotel projects, Ikeja, Government Reservation Area (GRA) Land, Lagos State and Ikeja GRA Town Houses.

The company claimed that it started with an initial staff strength of over 2000 Nigerians before it witnessed a downturn resorting to staff rationalisation that left just 250 employees, following its loan repayment challenges with the defunct Oceanic Bank Plc.

It appealed to its creditor Bank (EcoBank), to take a second look into its loan repayment appeal.

The Managing Director, Edward Akinlade and Company Secretary, Ayodeji Adewunmi, in a joint statement, to AMCON noted that the classification of the loan accounts with the bank as non-performing was considered objectionable by the company.

It noted that “the said classification is due to no omission or negligence on our part, but to the bank’s breach of agreement on the disbursement of funds on the facility as agreed thereby stalling the various projects which were mostly 95 per cent completed as at August 14, 2019.

“Considering this position and the desire of AMCON to see genuine business flourish, we hereby appeal for the below-stated measures aimed at protecting the interests of all parties.” the statement added.

Justifying its takeover, AMCON Group Head for Enforcement, Joshua Ikioda said: “By the virtue of the terms of mortgages and the facility letters issued severally by the bank, the monies and liabilities thereby secured became due and payable, but the borrower/mortgagor under the mortgage, Suru Wodwide Ventures Nigeria Limited, refused and failed to discharge the outstanding indebtedness despite several demands by the bank.”

A source at AMCON said the corporation took possession of those properties via a court directive and that promoters can approach the court to argue the course.

LEARN AFFILIATE MARKETING: Learn How to Make Money with Expertnaire Affiliate Marketing Using the Simple 3-Step Method Explained to earn $500-$1000 Per Month.
Click here to learn more.

AMAZON KDP PUBLISHING: Make $1000-$5000+ Monthly Selling Books On Amazon Even If You Are Not A Writer! Using Your Mobile Phone or Laptop.
Click here to learn more.

GHOSTWRITING SERVICES: Learn How to Make Money As a Ghostwriter $1000 or more monthly: Insider Tips to Get Started. Click here to learn more.
Click here to learn more.

SECRET OF EARNING IN CRYPTO: Discover the Secrets of Earning $100 - $2000 Every Week With Crypto & DeFi Jobs.
Click here to learn more.