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Silverbird Properties Seized Over N11 Billion Debt

The Assets Management Company of Nigeria, AMCON, has taken over all assets owned by Silverbird Group as reported by Sahara Reporters.

The properties were siezed as directed in a court order which states that Murray-Bruce's companies are owing AMCON the sum of N11 billion, which the companies have defaulted in its payment.
Murray-Bruce, using his companies in 2005 and 2007 respectively, borrowed various sums of money from the Union Bank of Nigeria Plc. The loan was later purchased by AMCON in 2011 after the capital base of Union Bank was terribly shaky.

Continue after the cut below....

Realizing that the Senator was not ready to pay back the money, AMCON appointed a manager to recover the loan.
Policemen on Thursday, June 23, 2016 barricaded all properties belonging to the companies owned by opposition Peoples Democratic Party (PDP) Senator Ben Murray-Bruce.
Silverbird TV station has stopped live transmission of its programmes, showing only recorded programmes. As at 9:25AM on Wednesday, the screen was blank with nothing being transmitted. It remained so until the time of filing this report.
Guests and staff have also been asked to vacate all premises of the Silverbird TV stations and Cinemas.

The companies affected by the takeover are Silverbird Galleria Limited, Silverbird Promotions Limited, and Silverbird Showtime Limited.
AMCON had, by notice of appointment dated April 18 appointed Muiz Banire as Receiver/Manager over the sprawling assets of the three companies located at 133 Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria); Central Area Cadastral Zone AOO, Abuja; and Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.
The takeover followed the interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, on June 17 which allowed the Receiver/Manager to take possession of the said properties.

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Posted by Muyiwa

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