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· The Asset Management Company of Nigeria (AMCON) had taken over assets of the chief promoter of Jabfal Enterprises Limited, Joshua Abiodun Faleye
· The said company has an indebtedness of more than N 440 million to banks and institutions.
The Asset Management Company of Nigeria (AMCON) had taken over assets of the chief promoter of Jabfal Enterprises Limited, Joshua Abiodun Faleye. The said company has an indebtedness of more than N 440 million to banks and institutions.
The action followed the order of the Federal High Court, Lagos Division. In compliance with the court order and after due processes for effective enforcement, AMCON took possession of two properties through its receiver, Benson Reeds Legal Practitioners.
The case between AMCON and Jabfal Enterprises Limited and its promoter has been a protracted litigation. The loan was taken during the first and second phases of Eligible Bank Assets purchase from Unity Bank Plc and Intercontinental Bank (now Access Bank Plc.) some ten years ago. AMCON says that despite its overtures to settle the loan through negotiations and offering accommodation to Jabfal Enterprises Limited, the firm has remained recalcitrant and unwilling to repay the huge debt it had accumulated.
