The Asset Management Corporation of Nigeria (AMCON) has
taken over the assets of Daily Times Nigeria Plc, a media
establishment.
According to a statement signed by Jude Nwauzor, AMCON
spokesman, Gbenga Fakoya took over the assets on behalf of AMCON on
Monday.
The federal government owned 96.05 percent shares of Daily Times
before it was sold to Folio Communications Limited in 2004
during the Olusegun Obasanjo-led administration.
The statement said Folio Communications Limited, owned by
Fidelis Anosike and Noel Anosike tendered a bid confirmed by the
Bureau for Public Enterprises (BPE). The BPE sold to Folio at the
cost of N1.25 billion.
“However, since the 2004 privatisation exercise, Folio
Communications has been embattled with court cases following a loan
of N750 million from Hallmark Bank Plc, which it secured to enable
it pay the federal government for the newspaper company,” the
statement read.
“According to reports, Folio also got DSV Limited promoted by
Senator Ikechukwu Obiorah to invest the sum of N500 million in the
purchase of the shares with the understanding that upon concluding
the transaction, DSV would be entitled to 40 per cent of the
shareholding of the media empire.
“A year after the sale, 2005 to be precise, Hallmark Bank Plc
(now defunct), Folio Communications Limited, promoted by the
Anosike brothers/Daily Times of Nigeria Plc and DSV Limited,
promoted by Senator Ikechukwu Obiorah commenced several legal
battles over the real ownership of the newspaper.”
Nwauzor said AMCON purchased the loan from Afribank Plc in
2010.
“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.
“But having exhausted all avenues of peaceful resolution over
the huge outstanding debt owed AMCON by the Daily Times Plc, 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 howsoever
described from preventing AMCON from taking possession of the Daily
Times Plc. AMCON has complied by effectively taking over the Daily
Times on February 13, 2018. More so, AMCON is interested in the
recovery of the debt and not the ownership of the media
empire.”
AMCON has taken over a number of companies including Arik Air
and Aero Contractors airline.
The Asset Management Corporation of Nigeria (AMCON) has
taken over the assets of Daily Times Nigeria Plc, a media
establishment.
According to a statement signed by Jude Nwauzor, AMCON
spokesman, Gbenga Fakoya took over the assets on behalf of AMCON on
Monday.
The federal government owned 96.05 percent shares of Daily Times
before it was sold to Folio Communications Limited in 2004
during the Olusegun Obasanjo-led administration.
The statement said Folio Communications Limited, owned by
Fidelis Anosike and Noel Anosike tendered a bid confirmed by the
Bureau for Public Enterprises (BPE). The BPE sold to Folio at the
cost of N1.25 billion.
“However, since the 2004 privatisation exercise, Folio
Communications has been embattled with court cases following a loan
of N750 million from Hallmark Bank Plc, which it secured to enable
it pay the federal government for the newspaper company,” the
statement read.
“According to reports, Folio also got DSV Limited promoted by
Senator Ikechukwu Obiorah to invest the sum of N500 million in the
purchase of the shares with the understanding that upon concluding
the transaction, DSV would be entitled to 40 per cent of the
shareholding of the media empire.
“A year after the sale, 2005 to be precise, Hallmark Bank Plc
(now defunct), Folio Communications Limited, promoted by the
Anosike brothers/Daily Times of Nigeria Plc and DSV Limited,
promoted by Senator Ikechukwu Obiorah commenced several legal
battles over the real ownership of the newspaper.”
Nwauzor said AMCON purchased the loan from Afribank Plc in
2010.
“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.
“But having exhausted all avenues of peaceful resolution over
the huge outstanding debt owed AMCON by the Daily Times Plc, 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 howsoever
described from preventing AMCON from taking possession of the Daily
Times Plc. AMCON has complied by effectively taking over the Daily
Times on February 13, 2018. More so, AMCON is interested in the
recovery of the debt and not the ownership of the media
empire.”
AMCON has taken over a number of companies including Arik Air
and Aero Contractors airline.
Read more https://nairalaw.com/amcon-takes-over-daily-times-plc/