Nigeria's bad bank, the Asset Management Corporation of Nigeria (AMCON) on Tuesday took over the country's oldest newspaper group in apparent move to recover huge debt it by the company's core investor.
AMCON has appointed Gbenga Fakoya as the receiver manager for the newspaper group.
According to a statement by AMCON spokesman, Jude Nwauzor, the bad bank has obtained a court judgment to take over the newspaper company after several efforts to recover the debt owed it by the company failed.
"The Federal High Court on February 1, 2018, presided over by Honourable Justice I. N Buba ordered AMCON to take over the Daily Times Plc. The court by the said order retrained the directors, shareholders, agents, servants, privies and /or employees whosoever described from preventing AMCON from taking possession of the Daily Times Plc," The statement said.
The statement noted that AMCON has effectively taken over the Daily Times on February 13, 2018, in compliance with the order of the court.
"AMCON is interested in the recovery of the debt and not the ownership of the media empire," Nwauzor noted.
Daily Times was one of public sector owned firms privatised by the federal government in 2004. The government divested its 96.05 percent shares in Daily Times to Folio Communications Limited, owned by Fidelis Anosike and his brother Noel Anosike at a cost of 1.25 billion naira.
While the Anosike had borrowed about 750 million naira from the defunct Hallmark Bank and also entered into an agreement with DSV Limited promoted by Senator Ikechukwu Obiorah to invest the sum of N500 million in the purchase of the company.
In 2010, AMCON purchased the loan from the then Afribank Plc, which later became Mainstreet Bank.
Consequently, Folio Communications Limited also dragged AMCON to court on several claims while Senator Obiorah commenced an action against the Corporation in the name of Daily Times Plc at the Federal High Court vide suit no: FHC/L/CS/ 1254 /15 – the Daily Times Nigeria Plc vs AMCON. Both suits were however struck out by the respective courts.AMCON has appointed Gbenga Fakoya as the receiver manager for the newspaper group.
According to a statement by AMCON spokesman, Jude Nwauzor, the bad bank has obtained a court judgment to take over the newspaper company after several efforts to recover the debt owed it by the company failed.
"The Federal High Court on February 1, 2018, presided over by Honourable Justice I. N Buba ordered AMCON to take over the Daily Times Plc. The court by the said order retrained the directors, shareholders, agents, servants, privies and /or employees whosoever described from preventing AMCON from taking possession of the Daily Times Plc," The statement said.
The statement noted that AMCON has effectively taken over the Daily Times on February 13, 2018, in compliance with the order of the court.
"AMCON is interested in the recovery of the debt and not the ownership of the media empire," Nwauzor noted.
Daily Times was one of public sector owned firms privatised by the federal government in 2004. The government divested its 96.05 percent shares in Daily Times to Folio Communications Limited, owned by Fidelis Anosike and his brother Noel Anosike at a cost of 1.25 billion naira.
While the Anosike had borrowed about 750 million naira from the defunct Hallmark Bank and also entered into an agreement with DSV Limited promoted by Senator Ikechukwu Obiorah to invest the sum of N500 million in the purchase of the company.
In 2010, AMCON purchased the loan from the then Afribank Plc, which later became Mainstreet Bank.
Consequently, Folio Communications Limited also dragged AMCON to court on several claims while Senator Obiorah commenced an action against the Corporation in the name of Daily Times Plc at the Federal High Court vide suit no: FHC/L/CS/ 1254 /15 – the Daily Times Nigeria Plc vs AMCON. Both suits were however struck out by the respective courts.
According to a statement by AMCON spokesman, Jude Nwauzor, the bad bank has obtained a court judgment to take over the newspaper company after several efforts to recover the debt owed it by the company failed.
"The Federal High Court on February 1, 2018, presided over by Honourable Justice I. N Buba ordered AMCON to take over the Daily Times Plc. The court by the said order retrained the directors, shareholders, agents, servants, privies and /or employees whosoever described from preventing AMCON from taking possession of the Daily Times Plc," The statement said.
The statement noted that AMCON has effectively taken over the Daily Times on February 13, 2018, in compliance with the order of the court.
"AMCON is interested in the recovery of the debt and not the ownership of the media empire," Nwauzor noted.
Daily Times was one of public sector owned firms privatised by the federal government in 2004. The government divested its 96.05 percent shares in Daily Times to Folio Communications Limited, owned by Fidelis Anosike and his brother Noel Anosike at a cost of 1.25 billion naira.
While the Anosike had borrowed about 750 million naira from the defunct Hallmark Bank and also entered into an agreement with DSV Limited promoted by Senator Ikechukwu Obiorah to invest the sum of N500 million in the purchase of the company.
In 2010, AMCON purchased the loan from the then Afribank Plc, which later became Mainstreet Bank.
Consequently, Folio Communications Limited also dragged AMCON to court on several claims while Senator Obiorah commenced an action against the Corporation in the name of Daily Times Plc at the Federal High Court vide suit no: FHC/L/CS/ 1254 /15 – the Daily Times Nigeria Plc vs AMCON. Both suits were however struck out by the respective courts.AMCON has appointed Gbenga Fakoya as the receiver manager for the newspaper group.
According to a statement by AMCON spokesman, Jude Nwauzor, the bad bank has obtained a court judgment to take over the newspaper company after several efforts to recover the debt owed it by the company failed.
"The Federal High Court on February 1, 2018, presided over by Honourable Justice I. N Buba ordered AMCON to take over the Daily Times Plc. The court by the said order retrained the directors, shareholders, agents, servants, privies and /or employees whosoever described from preventing AMCON from taking possession of the Daily Times Plc," The statement said.
The statement noted that AMCON has effectively taken over the Daily Times on February 13, 2018, in compliance with the order of the court.
"AMCON is interested in the recovery of the debt and not the ownership of the media empire," Nwauzor noted.
Daily Times was one of public sector owned firms privatised by the federal government in 2004. The government divested its 96.05 percent shares in Daily Times to Folio Communications Limited, owned by Fidelis Anosike and his brother Noel Anosike at a cost of 1.25 billion naira.
While the Anosike had borrowed about 750 million naira from the defunct Hallmark Bank and also entered into an agreement with DSV Limited promoted by Senator Ikechukwu Obiorah to invest the sum of N500 million in the purchase of the company.
In 2010, AMCON purchased the loan from the then Afribank Plc, which later became Mainstreet Bank.
Consequently, Folio Communications Limited also dragged AMCON to court on several claims while Senator Obiorah commenced an action against the Corporation in the name of Daily Times Plc at the Federal High Court vide suit no: FHC/L/CS/ 1254 /15 – the Daily Times Nigeria Plc vs AMCON. Both suits were however struck out by the respective courts.
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