Over N11bn debt, Asset Management Corporation of Nigeria (AMCON) to take over all companies own by Sen. Ben Bruce, today. The assets are being seized following the failure of Senator Murray-Bruce and his brothers to settle an N11bn loan owed Union Bank and acquired by Asset Management Corporation of Nigeria (AMCON).
AMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation’s financial system. Its enabling law empowers it to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner.
Murray Bruce and his brothers, using their companies, had between 2005 and 2007 borrowed various sums of money from Union Bank. After they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing.
AMCON is now seizing the assets belonging to the three companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.
However, Ben Murray-Bruce took to twitter explaining that the only reason he hasn’t altered a word ever since word went out that AMCON has taken over his property is because he has been on an international flight.
Kunle Adegoke, an attorney working with Muiz Banire (SAN), the debt recovery manager appointed by the Assets Management Corporation of Nigeria to help recover loans from the Silverbird Group, on Thursday lampooned Ben Murray-Bruce.
Mr. Adegoke said the development had betrayed the tenets of “common sense”, a major rallying cry of Mr. Murray-Bruce in recent months, adding that the media mogul had been using his businesses to exploit unsuspecting Nigerians.
“And the Commonsense senator has persistently failed to pay the loans and yet has been pretending to be concerned with the welfare of Nigerians whom he has been skinning alive in order to remain relevant and live like a king.”
Mr. Murray-Bruce, who’s also a senator from Bayelsa State, has courted public attention lately with his distribution of video clips in which he could be seen proffering solutions to what he believed were the nation’s most critical challenges.
The populism messages, which he usually disseminates through his various media channels, have earned him both praises and derision from Nigerians home and away.