AMCON takes over Gateway Portland Cement

The Asset Management Corporation of Nigeria (AMCON) has taken
over Gateway Portland Cement Limited.

This followed an injunction which the federal high court,
Abeokuta, granted against the company on Friday.

Charles Adeogun-Phillips, AMCON’s receiver, has taken possession
of Gateway Portland Cement Limited factories and facilities located
in Abeokuta and Mowe areas of Ogun state.

In his ruling, A.T. Mohammed, the presiding judge, restrained
Gateway Portland Cement Limited and the promoters “whether by
themselves, their agents, privies, or whosoever howsoever” from
moving into the firm.

Mohammed also ordered them not to withdraw money from any bank
or financial institutions transacting business with the cement
company, pending the hearing and determination of the suit to be
filed by the applicants for recovery of its outstanding debts.

The order also restrained the company from interfering with,
obstructing or frustrating the receiver appointed by AMCON in
performing his duties.

The judge also directed Gateway Portland Cement Limited to
deliver all the charged assets of the company in their possession
forthwith to the receiver appointed by AMCON.

To ensure compliance to the court order, Mohammed directed the
inspector general of police, assistant inspectors general of police
and commissioners of police in charge of any location where the
assets of Gateway Portland Cement Limited might be found to assist
the bailiff and Adeogun-Phillips, in the enforcement of the
order.

The company’s debt profile is around N3billion.

Under the current management team led by Ahmed Kuru, managing
director, AMCON has said there would be no rest for debtors of the
corporation.

“This remains the only way AMCON mandate could be realised
within the timeframe of the assignment and in the interest of the
country’s economy,” Kuru had said.

In a recent statement, Kuru said the corporation had identified
350 obligors’ accounts that represent about 80% of AMCON’s exposure
of N2.5 trillion as of December 31, 2016, despite efforts to
resolve the huge debts in its portfolio.

In March, AMCON took over Arik Airline over unresolved
debts.

The Asset Management Corporation of Nigeria (AMCON) has taken
over Gateway Portland Cement Limited.

This followed an injunction which the federal high court,
Abeokuta, granted against the company on Friday.

Charles Adeogun-Phillips, AMCON’s receiver, has taken possession
of Gateway Portland Cement Limited factories and facilities located
in Abeokuta and Mowe areas of Ogun state.

In his ruling, A.T. Mohammed, the presiding judge, restrained
Gateway Portland Cement Limited and the promoters “whether by
themselves, their agents, privies, or whosoever howsoever” from
moving into the firm.

Mohammed also ordered them not to withdraw money from any bank
or financial institutions transacting business with the cement
company, pending the hearing and determination of the suit to be
filed by the applicants for recovery of its outstanding debts.

The order also restrained the company from interfering with,
obstructing or frustrating the receiver appointed by AMCON in
performing his duties.

The judge also directed Gateway Portland Cement Limited to
deliver all the charged assets of the company in their possession
forthwith to the receiver appointed by AMCON.

To ensure compliance to the court order, Mohammed directed the
inspector general of police, assistant inspectors general of police
and commissioners of police in charge of any location where the
assets of Gateway Portland Cement Limited might be found to assist
the bailiff and Adeogun-Phillips, in the enforcement of the
order.

The company’s debt profile is around N3billion.

Under the current management team led by Ahmed Kuru, managing
director, AMCON has said there would be no rest for debtors of the
corporation.

“This remains the only way AMCON mandate could be realised
within the timeframe of the assignment and in the interest of the
country’s economy,” Kuru had said.

In a recent statement, Kuru said the corporation had identified
350 obligors’ accounts that represent about 80% of AMCON’s exposure
of N2.5 trillion as of December 31, 2016, despite efforts to
resolve the huge debts in its portfolio.

In March, AMCON took over Arik Airline over unresolved
debts.