AMCON takes over G. Cappa Plc’s property over unpaid N1.2b debt

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Phillips Oduoza: Group Managing Director
Akin Kuponiyi
In a bid to recover a debt of N1,207,296,646.45.from G.Cappa Plc Construction company, Asset management corporation of Nigeria (AMCON) in accordance with order of a federal high court in Lagos, southwest Nigeria, has taken over a property belonging to the company.
The property is located at 8,Taylor Road, Iddo, Lagos, pending the hearing and determination of the substantive debt recovery suit filed before the court by AMCON.
In addition, the presiding Judge, Chukwujekwu Aneke, while restraining the company from dealing with the property in any form, ordered that accounts maintained in any bank and financial institution in Nigeria by the construction company should be frozen.
The order of the court was sequel to an affidavit in support of an application sworn to by Mr Victor Igabor of the Credit Directorate of AMCON, filed and argued before the court by Barrister Chief Chuks Okeugiri.
The deponent averred that sometime between 28 April, 2000 and March 2002, Cappa Plc applied for and was granted the sum of N880 million loan by United Bank for Africa Plc (UBA).
The loan was later purchased from the bank by AMCON.
However, at the expiration of the facility, the company failed liquidate its indebtedness thereby leaving outstanding balance of N1,207,296,646.46.
After several appeals to the company and restructuring of the loan, nothing has been done by the company to repay the loan.
AMCON then mandated his solicitors to commence legal action against G. Cappa to recover the debt.
Consequently, the claim of AMCOM against G. Cappa Plc is in the sum of N1,207, 296,646.45 and interest at the rate of 21 percent from 4 June, 2014 till judgement is delivered and thereafter, 10 percent until final liquidation …Read More

Source:: PM Newspaper