Excerpt there is a last-minutes change in plans, the Asset Management Corporation of Nigeria (AMCON) will on Thursday morning take over the assets of three companies belonging to politician Ben Murray-Bruce and his brothers.\r\nThe assets are being seized following the failure of Senator Murray-Bruce and his brothers to settle an N11 billion loan owed Union Bank and acquired by AMCON.\r\n\r\nAMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation\u2019s financial system.\r\n\r\nIts enabling law empowers it to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner.\r\nMr. Murray Bruce and his brothers, using their companies, had between 2005 and 2007 borrowed various sums of money from Union Bank.\r\n\r\nAfter they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing.\r\nAMCON is now seizing the assets belonging to the three companies used in securing the loan \u2013 Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.\r\n\r\nThe properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone AOO, Abuja, and the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.\r\n\r\nThe planned takeover followed the June 17 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC\/L\/CS\/790\/16 \u2013 Asset Management Corporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors.\r\nThe order allows the Receiver\/Manager to take possession of the said properties.\r\nAMCON had on April 18 appointed a Senior Advocate of Nigeria, Muiz Banire, the receiver\/manager over the sprawling properties.\r\nNamed as defendants in the suits are Senator Murray-Bruce, Guy Murray-Bruce, Michael Murray-Bruce, Guy Murray-Bruce and Jonathan Murray-Bruce, who is the senator\u2019s first son.\r\nAn AMCON insider said Mr. Banire had concluded arrangements to take over the assets on Thursday morning (today).\r\nSenator Murray-Bruce could not be reached, Thursday morning, to comment for this story. His known telephone line failed to connect. He is also yet to reply a text message sent to him.