N4bn Debt: AMCON Seizes Assets Of Geedee Zulu Investment Ltd

BEVERLY HILLS, September 15, (THEWILL) – Following an order of the Federal High Court, Lagos, the Asset Management Corporation of Nigeria (AMCON) has taken over assets of Geedee Zulu Investment Ltd, over debts amounting to N4bn.

AMCON took over the property at No. 4 Ekulu Close, GRA Enugu, Enugu State and property along Gborji Road, Aguluezechukwu in Anambra State.

Jude Nwauzor, Head of Corporate Communications Department of the Corporation confirmed the takeover in a statement on Monday. He said all avenues of peaceful resolution were explored to no avail before AMCON made the decision to seek justice in the court of law. AMCON, he reiterated tried everything possible to let the obligor see reasons but noticed a deliberate disdain towards all previous engagements with the chief promoters of the enforced company.

He said, “the case of Geedee Zulu Investment Limited and its promoters (Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma) have been interminable since the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank far back as 2011.”

Nwauzor said, “since the purchase of the EBA, AMCON has offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company Geedee Zulu Investment Limited have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON.

With no further option left, he said, the agency resorted to the court as mandated by the AMCON Act, which was amended by the 8th National Assembly and signed into law by President Muhammadu Buhari.

He said, “the amended AMCON Act provides the Corporation additional powers to go after AMCON obligors especially those of them that have perfected the act of taking advantage of the shortcomings of the Act before its amendment.”