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AMCON Takes Over Assets of Unicorn Place and Leisure Services over N1.3 Billion Debt


On the order of Justice Saliu Saidu of the Federal High Court in Lagos, the Asset Management Corporation of Nigeria (AMCON), last week, took over assets belonging to Ike Nwabuoku, the Chief Promoter of Unicorn Place & Leisure Services Limited over debts amounting to more than N1.3 billion.

In a statement made available to journalists, the corporation said:

“In compliance to the enforcement order, AMCON on Thursday, June 25, 2020, took effective possession of the two properties through its Debt Recovery Agent – Kayode Ajekigbe of Chris O. Okunowo & Co, which include properties situate at 1 & 2, Kwara Street, Osborne, Ikoyi, Lagos and Plot 23 Block 65, Lekki Peninsula Residential Scheme, both in Lagos State.”

According to AMCON, the Court also ordered that the Bank Accounts of the company and its major stakeholders, Ike Nwabuoku and one other Ifechukwu A. Onyema be frozen pending the final determination of the Suit.

Noting that Unicorn Place & Leisure Services Limited and its promoters’ debt was purchased by AMCON during the 1st phase of its Eligible Bank Assets (EBA) purchases from Keystone Bank since 2011, the corporation said that despite offering Ike Nwabuoku all sorts of concessions and avenues to resolve the debt peacefully, he and his company Unicorn Place & Leisure Services Limited remained adamant.

AMCON confirmed that it had enforced on the assets and frozen the accounts in line with the order of the court through the Head, Corporate Communications Department of the Corporation, Mr. Jude Nwauzor.

Mr Nwafor said all avenues for peaceful resolution were explored to no avail, therefore, AMCON made the hard decision, which led to the eventual takeover of the assets.

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