By using this site, you agree to the Privacy Policy and Terms & Conditions.
Accept
Okay.ngOkay.ngOkay.ng
Font ResizerAa
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Reading: AMCON Seizes Assets of Afrijet Airlines Over N10b Debt
Share
Font ResizerAa
Okay.ngOkay.ng
  • News
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Search
  • News
    • Politics
  • Entertainment
  • Business & Economy
  • Sport
  • Tech
Follow US
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
© OKN MEDIA PUBLISHING 2022 - All rights reserved
News

AMCON Seizes Assets of Afrijet Airlines Over N10b Debt

Farouk Mohammed
By Farouk Mohammed
Published: June 24, 2016
Share
2 Min Read
SHARE

An-afrijet-planejpg

The Asset Management Corporation of Nigeria (AMCON) on Friday took over the assets of Afrijet Airlines Ltd,, owned by Chief Vitalis Ibe, over an unpaid debt of almost N10 billion.

Mr Jude Nwauzor, Head, Corporate Communications, AMCON, said the takeover was based on an interim injunction granted against the airline by Justice Chuka Obiozor of the Federal High Court, Lagos Division.

“The obligor owes AMCON nearly N10 billion. AMCON purchased the Eligible Bank Assets (EBAs) sometime in 2011 from the defunct FinBank and Bank PHB.

- Advertisement -

“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 that 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.

The receiver also took over the obligor’s asset at Plot 22, Jimoh Odutola St., off Eric Moore Road, Surulere, Lagos, as well as his office at the Airport.

- Advertisement -

“The Court order mandated the receiver/manager to also take over on behalf of AMCON and any other offices, branches, stores and factories of Ibe.

“And his companies located and/or traced for the purpose of satisfying the indebtedness,” the statement added.

Nwauzor said the court restrained Ibe and his companies from operating or tampering with the funds in his bank accounts under whatever name or guise in any bank or financial institution in Nigeria.

The statement said the court directed the Inspector General of Police to assist Elias in the enforcement of its orders, adding that no incident was however recorded during the enforcement exercise.

“AMCON, under the leadership of Mr Ahmed Kuru, had recently increased the tempo of its recovery activities.

“And was going after some of its 400 obligors whose total debts account for more than N4.5 trillion,’’ the statement added.

Stay Updated on the Go with Our Latest News—Join Our WhatsApp Channel Now!
TAGGED:Afrijet AirlinesAMCON
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link Print
ByFarouk Mohammed
Publisher
Follow:
Farouk Mohammed is a Head Editor at Okay Nigeria (Okay.ng). He has been publishing for 10 years and focused more on Local/World News on Okay.ng
Previous Article Africa Qualifying Groups for World Cup 2018
Next Article President Buhari Appeals to Niger Delta Militants to Soft Pedal On Pipeline Bombings

Connect with Okay on Social

FacebookLike
XFollow
InstagramFollow
TelegramFollow

Dollar/Naira Rates

Dollar to Naira Rate

Okay.ng Logo
Buy Rate ₦1,560.00
Sell Rate ₦1,570.00

Updated: 2 days ago

Displayed rates are for informational purposes only and are subject to change.

Quick Converter

- Advertisement -
- Advertisement -
Ad imageAd image
- Advertisement -
Ad imageAd image

Recent Posts

Dangote Refinery Unveils N720bn CNG Truck Fleet to Slash Fuel Costs, Save Nigeria Over N1.7trn Annually
Energy & Oil
Nigerian Troops Neutralize Terror Kingpin Mai Dada, Recover Arms in Multi-Region Operations
Security
NNPP Welcomes Possibility of Rabiu Kwankwaso Joining APC Amidst Ganduje’s Resignation
News
Tinubu’s State Visit to Saint Lucia Marks Historic Diplomatic and Cultural Engagement, Presidency Clarifies
International News
President Bola Tinubu Suspends Implementation of Financial Reporting Council Amendment Act 2023
News
- Advertisement -
Ad imageAd image

You May Also Like

News

Aminu Dantata to be Buried in Madinah After Saudi Approval

Muhammad A. Aliyu
Muhammad A. Aliyu
June 29, 2025
CrimeVideo

VIDEO: NDLEA Issues Strong Advisory to Travellers Against Carrying Unknown Bags

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
News

SERAP Demands Transparency from Nigeria’s Governors on Security Vote Spending

Oluwadara Akingbohungbe
Oluwadara Akingbohungbe
June 29, 2025
Okay.ngOkay.ng
Follow US
© OKN MEDIA PUBLISHING 2025 - All rights reserved
  • About Okay.ng
  • Advertising on Okay.ng
  • Contact Okay.ng
  • Careers
  • Meet the Team behind Okay.ng
  • Ownership and Funding of Okay.ng
  • Editorial Principles at Okay.ng
adbanner
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?