Monday, October 6, 2025
24.2 C
Lagos

AMCON Takes Over 2 Firms in N3.6bn Debt Saga

Following the order of Hon. Justice B.F.M. Nyako of the Federal High Court Asset Management Corporation of Nigeria (AMCON) has taken over Bao Yao Futurlex Iron & Steel Company Limited in Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State. The order therefore mandates AMCON to take over all the assets of Bao Yao Huan Jian Iron & Steel Company Limited promoted by Mr Shen Yaozhang and General Idris Garba retired over a staggering indebtedness of over N3billion.

In compliance to the court order AMCON through Mr. Robert Ohuoba, the Receiver who also received protective orders from the court has taken possession of Bao Yao Futurlex Iron & Steel Company Limited, Abuja. The assets, which are now under AMCON include Bao Yao Futurlex Iron & Steel Company Limited, Abuja as well as Bao Yao Huan Jian Iron & Steel Company Limited, Calabar belonging to the obligors.

spot_img
spot_img
spot_img

Hot this week

Ecobank Nigeria Launches Upgraded Mobile App for Faster, Smarter Banking Experience

Ecobank Nigeria, a subsidiary of the leading pan-African banking...

Ortom, NOA DG, Others to Feature as Panelists at GOCOP 2025 Conference

The Guild of Corporate Online Publishers (GOCOP) has announced...

AIICO Celebrates Retiring Employees: Honouring Decades of Service with Gratitude

Left - right: Adeleke Adeshina (rtd), Lanre Oladehinde (rtd.),...

Nigeria’s Banking Woes: How One South African Bank Outvalues an Entire Industry

It is a sobering reality that one South African...

Topics

PwC: African Capital Market Declined in 2019, Lowest in 10 Years

  Overall, African equity capital market (ECM) activity in 2019...

CBN: ‘Old N200, N500, N1000 Banknotes Remain Legal Tender Till Dec 31’

  The Central Bank of Nigeria (CBN) released an official...

Africa Must Close Insurance Gap to Sustain Economic Growth

Allianz Global Corporate & Specialty (AGCS) CEO in Africa,...

ITU Telecom World Awards to Recognise Excellence in ICT Innovation

Innovative ICT solutions with positive social impact will be...

RE: Online Publication on Purported Sale of Polaris Bank  

Our attention has been drawn to an online report...

CRC Credit Bureau Unveils Data Submission API

CRC Credit Bureau has launched its Data Submission Application...

Royal Exchange General Insurance Names Agili as New CEO

The Board of Directors of Royal Exchange Plc, has...
spot_img

Related Articles

Popular Categories

spot_imgspot_img