N10BN DEBT: AMCON TAKES OVER ASSETS OF AFRIJET AIRLINES

This is contained in a statement issued by Mr Jude Nwauzor, Head, Corporate Communications, AMCON in Lagos. The statement said the takeover was based on an interim injunction granted against the airline by Justice Chuka Obiozor of the Federal High Court, Lagos Division.

It said, “the obligor owes AMCON nearly N10 billion. AMCON purchased the Eligible Bank Assets (EBAs), sometime in 2011 from the defunct FinBank and Bank PHB. “The order also affects Ibe’s Continental Aviation Services Ltd., AMCON has since appointed Prof. Gbolahan Elias (SAN), as Receiver/Manager. ”

The statement also said the receiver/manager at about 11a.m. on Friday simultaneously took possession of the assets of Ibe including Afrijet Plaza, the corporate head office of the airlines. According to the statement, the office is located on Sheraton-Opebi Link Road Ikeja, Opebi, Lagos.

Read more at: http://www.vanguardngr.com/2016/06/n10bn-debt-amcon-takes-assets-afrijet-airlines/

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