AMCON takes over Polema Industries assets over N500 billion debt.

By effizziemag On Jul 1, 2020

In effort to fulfil its mandate, the Asset Management Corporation of Nigeria (AMCON), said it has taken over a factory and other assets belonging to Polema Industries Limited, and its chief promoter, Emmanuel C. Obi, over an indebtedness of over half a billion naira.

The takeover comes on the order of Hon. Justice F.O.G. Ogunbanjo of the Federal High Court, Abuja, who granted AMCON possession over the company and its assets in Suit No: FHC/ABJ/CS/227/2020. Justice Ogunbanjo also ordered the freezing of all the bank accounts of the company as well as Obi’s.

In compliance with the order, AMCON, through Chike Adaka of Elite Law, the Debt Recovery Agent, who also received protective orders from the court on last week Wednesday, took effective possession of Polema Industries Limited, located at KM 5, Osisioma Industrial Layout, another one at 32/34 Faulks Road, and 31, Okigwe Road, all in Aba, Abia State.