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AMCON gets ‘takeover’ order on CityScape over nearly N6billion Debt

AMCON gets ‘takeover’ order on CityScape over nearly N6billion Debt

The Asset Management Corporation of Nigeria (AMCON) has been granted interim orders by the The Federal High Court Lagos Division to take over  Cityscape International Limited’s assets over its nearly N6 billion debt.

According to The Guardian, the debt-induced take-over profile of the Asset Management Corporation of Nigeria (AMCON), has risen as the Federal High Court Lagos Division granted it an interim order against Cityscape International Limited over nearly N6billion debts.

Following the order, AMCON has appointed Mr. Anire Kanyi, as Receiver to Cityscape, a major player in the real-estate sector in the country.

Justice A.M. Anka, the presiding judge, while granting the order on the application of counsel to AMCON, restrained the Managing Director/Chief Executive Office of Cityscape, Akinwale Akinmusire, from challenging, interfering with or otherwise obstructing or frustrating the appointed Receiver over the assets of the company.

In addition, The Guardian noted that among the assets of Cityscape included in the order is the property at Buena Vista Estate, Lafiaji Town, Lekki, Lagos State, measuring 25.52 hectares.  It is covered by Deed of Legal Mortgage dated December 2009 and registered as No. 12 at page 12 in Volume 2014 at the Land Registry, Ikeja.The presiding judge said the order was pursuant to Sections 34, 35 and 48 of the AMCON Act 2010; Section 6 of the AMCON (Amendment) Act 2015, and the Deed of Appointment pending the determination of the Motion on Notice filed along with the motion.

The order also restrained Cityscape, Akinmusire, Cityscape directors, shareholders, agents, servants, employees and or privies, howsoever named or any other person acting under their authority from interfering with or otherwise obstructing the Receiver in the course of his duties as Receiver over all the assets of Cityscape including the aforementioned property situated at Buena Vista Estate, Lafiaji Town, Lekki, Lagos State.

 

Source: The Guardian

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