AMCON takes over Jabfal Enterprises’ assets over N400 million loan

(Lagos-Nigeria) – The Asset Management Corporation of Nigeria said on Sunday that it had taken over assets belonging to the chief promoter of Jabfal Enterprises Limited, Mr Joshua Faleye, over indebtedness of over N440m.

According to a report by PUNCH, AMCON said this in a statement entitled ‘N440m debt: AMCON takes over assets of Jabfal Enterprises Limited.’

The statement said this followed the order of Justice C.J. Aneke of the Federal High Court, Lagos division.

It said in total compliance to the order and having met all other due processes for effective enforcement, AMCON said it took effective possession of two properties through its receiver, Benson Reeds Legal Practitioners.

According to the statement, the assets it took over include properties situated at Plot 9, Block XIV Okuta Elerinla Residential Estate, Akure, Ondo State and Plot 3, Block IV, State Residential Layout, Okuta Elerinda, Akure, Ondo State.

It said, “The case between AMCON and Jabfal Enterprises Limited and its promoter has been a protracted litigation issue since the loan was purchased during the first and second phases of Eligible Bank Assets purchase from Unity Bank Plc and Intercontinental Bank (now Access Bank Plc.) almost 10 years ago.

“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, Jabfal Enterprises Limited, have remained recalcitrant and unwilling to repay the huge debt to the corporation.”

The Head, Corporate Communications Department, AMCON, Jude Nwauzor, said in securing the credit facilities (the term loan and overdraft), the respondents had pledged as securities the properties belonging to Mr Joshua Faleye and executed deeds of legal mortgages in that regard.

According to the statement, sometime in 2010, AMCON, by virtue of a loan purchase and limited service agreement effective December 31, 2010, was assigned the absolute rights, title, interest, benefits arising and connected with the term loan and overdraft due for the debtors to pay, having become due and payable.

He added that Jabfal and its promoters failed, neglected and refused to pay the debt to AMCON.

The AMCON spokesman said despite their failure to pay the outstanding balance on the term loan and overdraft of N290.255m and N126.485m respectively, the debtors were still in possession of the properties used as collateral for the credit facilities until Justice Aneke’s order, which had made it possible for AMCON to take over the assets.


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