Full details of what led to AMCON taking over Ben Bruce’s assets

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.

The planned takeover followed the June 17 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset Management Corporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors…. bt Pres. Buhari is planning to help his friend n fan, Bruce, out….