Nigeria’s AMCON takes over Sigma Apartments over N1bn debt

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Nigeria’s bad bank, the Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Abuja-based Sigma Apartments over N1 billion debt owed it.

Hon. Justice B.F.M. Nyako of the Federal High Court Abuja Division recently granted an order for AMCON to take over Sigma Apartments owned by Sigma Engineering & Construction Limited.

Sigma Apartments, promoted by Saidu Samaila Balarabe Sambawa, a former Minister of Sports and Social Development of the Federal Republic of Nigeria has been unable to settle its debt obligations to AMCON.

The order came on the application of AMCON after it exhausted all avenues of peaceful resolution with the obligor regarding the huge debt, but was left with no other choice.

Information on the website Sigma Apartments described the apartment as an epitome of refined living featuring 48 fully furnished service luxury apartments designed for those accustomed to the finer things in life.

The apartment is conveniently located in the heart of Abuja metropolis midway between the northern and southern retail hub of the vibrant Abuja, downtown of Wuse ll. The site further describes it as a hospitality brand that provides extended stay accommodation for sojourners in Abuja.

The company and its promoter have had running battles with AMCON over their inability to settle the huge debt despite overtures and genuine efforts made by the creditor corporation to reach an amicable settlement terms. The businessman and his co-promoters, according to a statement from AMCON, have remained recalcitrant, thus the resort to legal solution to the issue.

Accordingly the corporation has appointed Babatunde Alabi as the receiver manager to take immediate possession of the expansive property situate at Plot No.1376, Cadastral Zone, A07, Wuse 11, Federal Capital Territory (FCT), Abuja.

In compliance with the court order, and with the support of the Inspector General of Police, and his deputies as well as the court bailiffs, AMCON through its receiver took possession of the assets of Sigma Apartments.

AMCON under Ahmed Kuru, managing director/chief executive officer has maintained that there will be no sacred cows in the corporation’s bid to recover its huge debts obligation of N4.8 trillion in the hands of a few Nigerians.

To this end, AMCON has in recent times increased the tempo of its recovery activities using firmer resolution strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its recalcitrant debtors especially those that are politically exposed and business heavyweights to repay their debts.

AMCON said it is seeking the continued support of all well-meaning Nigerians most especially the judiciary, the legislature and the security agencies to enable it carry out its mandate to avoid the tax payer from taking the liability of a few. Presently, only 350 Nigerians owe AMCON (indirectly the tax payer) over N4 trillion.

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