October 1, 2023

Global News

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Great Ogboru In Financial Mess…As AMCON’s receiver-manager takes over his properties

2 min read

Chairman of Fiogret Nigeria Limited, Great Ogboru is not a happy man at the moment. Reason is that his financial base has depleted and this has led to his battling tooth and nail to wriggle himself out of the financial mess he has found himself.

Recently, the Asset Management of Nigeria (AMCON) appointed Kunle Ogunba (SAN), as the receiver-manager over “the entire undertakings, stocks, goodwill, plant and machinery, moveable and fixed assets” of Fiogret Limited.

A statement by the debt management stated that the appointment of the firm as the receiver of Fiogret assets was in line with a deed of mortgage debenture dated February 1, 2008 registered at the Corporate Affairs Commission (CAC).

AMCON said the deed of appointment of the receiver dated November 2, 2012 had equally been registered with the CAC. It listed some of the company’s assets now in possession of the receiver-manager to include 43, Norman Williams Street, off Awolowo Road, Ikoyi, Lagos; Plots 230-234 Ikorodu, Owutu-Ikorodu, Lagos; Plot 15 Layi Ajayi Bembe Street, Parkview Estate, Ikoyi, Lagos; Etete Road, off Benin-Sapele Road, Benin City and East West Road, Rumuokwurush Obio/Akpo Local Government Area, Rivers State.

AMCON therefore urged all debtors to Fiogret to pay directly to the receiver-manager.

The company’s creditors were also asked to send proof of claims to Kunle Ogunba within 14 days, which commenced last Friday.

It urged all banks and other financial institutions currently in custody of deposits, cash and other assets of Fiogret to continue to hold them until the receiver-manager issues further instructions “in accordance with the pre-emptive orders of court in suit: FHC/L/CS/63/2013 pending within the bosom of the Federal High Court, Lagos division.

“All holders of such deposits should contact the receiver-manager, stating the balance and where secured facilities are granted, the type of security attached should be disclosed,” AMCON said.

A receiver-manager appointed by a court is expected to carry on the activities of the business to protect the interests of those who appointed it. With this, the directors of the company would not be allowed to exercise their powers.

Those who are in the know claimed that Ogboru may have run into troubled waters because of the way and manner he spent money to pursue his gubernatorial ambition in Delta State. It was further revealed that it is only God that saved the people of Delta because if he had eventually emerged winner to govern the state he might have used the state resources to pay all his debts.

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