AMCON confiscates N400 million assets of Abuja’s Doggi Group

AMCON

Nigeria’s government-owned debt manager, Asset Management Corporation of Nigeria, AMCON, said it has seized assets belonging to Abuja-based Doggi Group.

The asset which was worth about N400 million was confiscated after the company defaulted in paying its debt.

AMCON said in a statement that:

“In compliance with the enforcement order, AMCON on Thursday, June 18, 2020, took effective possession of the two properties through its receiver – Mrs Juliet Benson of Benson Reeds Legal Practitioners, which include properties situate at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory, Abuja and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.

“The case of Doggi Group Limited and its promoter had been a protracted issue because the loan was purchased during the first phase of Eligible Bank Assets purchase from Union Bank Plc way back in 2011.

“Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor, and his company, Doggi Group Limited, have remained recalcitrant and unwilling to repay the huge debt to the corporation.”

The Head of Corporate Communications Department, AMCON, Jude Nwauzor, signed the statement cited by Punch

“Yes, we enforced on the properties today as by Justice Chikere’s court, and are grateful to the Federal High Court for working on behalf of Nigerians to recover some of the debts owed the country by a few individuals, despite the challenges posed by the dreaded coronavirus pandemic to institutions, including the judiciary.

“As we have always said in the past, our priority at AMCON has never been to take over anybody’s properties or assets.

“Our mandate is to recover Nigeria’s money in the hands of these obligors.

“Overtime, however, we have observed that the obligors enjoy hiding under some legal technicalities to delay even the repayment arrangement they negotiated and signed.

“When you have held several meetings and arrived at an agreement but the obligor decided to make a U-turn by reneging, it leaves AMCON with no other option than to approach the court.”

He added, “In the case of Doggi Group Limited and its promoter, AMCON did everything any responsible and law abiding organisation ought to do to help the promoter and his business continue to no avail.”