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AMCON takes over AfriJet Airlines over N10bn debt

The Asset Management Corporation of Nigeria (AMCON) has taken over possession of properties belonging to Afrijet Airlines Limited, owned by Chief Vitalis Ibe. This followed…

The Asset Management Corporation of Nigeria (AMCON) has taken over possession of properties belonging to Afrijet Airlines Limited, owned by Chief Vitalis Ibe.
This followed the decision of Hon. Justice Chuka Austine Obiozor of the Federal High Court Lagos Division which granted an interim injunction on the application of AMCON on the ground that the airline owed AMCON nearly N10billion.
AMCON purchased the Eligible Bank Assets (EBAs) sometime in 2011 from the defunct FinBank and Bank PHB.
The order also affects Chief Ibe’s Continental Aviation Services Limited while AMCON has since appointed Prof. Gbolahan Elias, SAN as Receiver/Manager.
Head, Corporate Communications of AMCON, Jude Nwauzor disclosed this in a statement on Friday.
The Receiver/Manager simultaneously 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, Jimoh Odutola 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.

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