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AMCON Begins Seizure of Tonique Oil’s Properties

By on March 1, 2012

The Asset Management Corporation of Nigeria (AMCON) has seized the properties of Tonique Oil Services, following a court order empowering it to do so.

The statutory powers conferred on AMCON according to the AMCON act accessible here.

The statutory powers include but are not limited to the seizure of movable and immovable property, and the freezing and confiscation of accounts.

Tonique was indebted to Skye Bank to the tune of two hundred million Naira, before AMCON purchased the loan from the mid-sized banking financial institution.

A statement issued by AMCON yesterday stated that the court order was given on February 21st by Justice Okeke of the Federal High Court Lagos.

According to the statement, “Debt recovery proceedings were initiated before the Federal High Court pursuant to the special procedure prescribed under the AMCON Act against the oil firm whose debt, which was in excess of N200m remained unpaid after several demands.

“Preliminary steps in furtherance of the debt recovery action necessitated the application by AMCON for ex-parte orders of possession of the immovable properties of the customer pledged as security for the debt and also injunctive Mareva orders freezing the funds of the debtor company in about 21 banks in the country.”