Hon. Justice Babs Kuewumi of the Federal High
Court Lagos Division has granted an injunction against Wokson International
Limited in Asaba and Warri in Delta State on the application of Asset
Management Corporation of Nigeria (AMCON). The
order therefore mandates AMCON to take over all the assets of Wokson
International Limited and Chief Dr. William Oki, the promoter of Wokson
International Limited over a staggering indebtedness of over N5billion.
Yesterday (May 18, 2017), AMCON moved in and
took 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 Dr. William Oki anywhere and in any financial
institution in the name or belonging to the duo. According to the order, “…all
financial institution served with the order hereby made shall comply by filling
at the Registry of the Federal High Court affidavits showing cause and serving
same on the Claimant’s Legal practitioner and in the event that money is found
in any account standing in the credit of the defendant to transfer such sum to
the nominated account of the Claimant forthwith.”
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 (appointed by AMCON).
Confirming
that AMCON had already taken over the assets/properties as directed by the
Court, Jude Nwauzor, Head, Corporate Communications, AMCON 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 mandated by the
Court and as provided under Section 49-52 of the AMCON Act.”
It would be recalled that Mr. Ahmed
Kuru, Managing Director/Chief Executive Officer, reiterated the fact 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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Business