Ike Nwabuoku, owner of Unicorn Place loses property to AMCON over unpaid debt


The Asset Management Corporation of Nigeria, AMCON, has announced its final takeover of assets belonging to the owners of Unicorn Place & Leisure Services Limited.

AMCON said on Friday that assets directly owned by Ike Nwabuoku were taken over after the company could not pay its N1.3 billion debt facility.

AMCON said through its debt recovery agent, Kayode Ajekigbe, of Chris O. Okunowo & Co., on the 25th of June, it took possession of assets including properties situated at 1 and 2, Kwara Street, Osborne, Ikoyi, Lagos; and Plot 23 Block 65, Lekki Peninsula Residential Scheme, Lagos.

The agency said the promoters of the company had been interminable because the loan was purchased by AMCON during the first phase of its eligible bank asset purchases from Keystone Bank since 2011.

AMCON said since the purchase, it had offered the obligor all sorts of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company had remained recalcitrant and unenthusiastic to repay the huge debt.

The Head, Corporate Communications Department, AMCON, Jude Nwauzor, explained that all avenues of peaceful resolution were explored to no avail before the corporation made the hard decision that led to the eventual takeover of the assets.

He said AMCON held several meetings with the obligor and arrived at agreements in principle, but the obligor always made a turnaround to default.

“Even with the rampaging cases of the coronavirus pandemic, AMCON from all indications has no intention of slowing down in achieving its recovery mandate,” he added.

AMCON disclosed its plans to take over more companies in the coming weeks, especially with the additional powers in its amended Act, which the Federal Government signed into law last year

AMCON said the amendment was meant to enable it to increase the speed of recovery of the over N5 trillion that was still outstanding.

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