N5bn debt: AMCON takes over Wokson International

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Ahmed Kuru, MD AMCON

The Asset Management Corporation of Nigeria (AMCON) has taken over Wokson International Limited in Asaba and Warri in Delta State over a staggering indebtedness of over N5billion.

The takeover is sequel to an injunction against the company on the AMCON by Justice Babs Kuewumi of the Federal High Court Lagos Division. The order mandates AMCON to take over all the assets of Wokson International Limited and Chief Dr. William Oki, the promoter of Wokson International Limited.

AMCON in a statement at the weekend said it has already taken over all the assets of Wokson International Limited and that of its principal, Chief Oki as ordered by the Court through Mr. Robert Ohuoba, the Receiver who also received protective orders from the court. The assets, which are now under AMCON include asphalt plants, hotels and several houses belonging to Wokson International Limited and Chief Dr. William Oki.

The order also froze all accounts of Wokson International Limited and Chief William Oki anywhere and in any financial institution in the name or belonging to the duo.

The statement said the Court also directed the Inspector-General of Police and the Commissioner of Police, Delta State Police Command to assist and protect the Bailiffs of the Federal High Court and the Receiver, Mr. Robert Ohuoba who was appointed by AMCON.

Confirming the take over the assets/properties as directed by the Court, Head, Corporate Communications, AMCON, Jude Nwauzor, said, “We saw it coming because the said debt is long overdue. I want you to understand that before we get to this stage with any of our obligors; we must have patiently tried to resolve the matter without going to court. Anytime we end up taking over assets such as in the case of Wokson, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive. If you have exhausted all avenues of peaceful resolution, there is no other option available to the Corporation than to commence enforcement action against Chief Oki the promoter of Wokson International Limited as ordered by the Court and as provided under Section 49-52 of the AMCON Act.”

It would be recalled that Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, stated recently that AMCON would continue to sustain its high tempo of recoveries, which began last year by strategically focusing on value enhanced exits of its portfolios, which encompasses continued negotiations and resolution of loans through cash recoveries, asset forfeitures through negotiation or enforcement; capital restructuring for short to mid-term exits as well as joint venture arrangements for asset operations and land development.

 

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