AMCON takes over Micmerah International

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Asset Management Corporation of NigeriaA Federal High Court sitting in Awka, the Anambra State capital in suits No. FHC/AWK/CS/101/2018 and No. FHC/AWK/CS/102/2018 has ordered the Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Micmerah International Agency Limited.

AMCON had appointed Chief Tagbo Anieto as receiver/manager over the assets of Micmerah International Agency Limited, which owe it over N1billion. The company is located at Onitsha, the commercial hub of Anambra State. In compliance with the court order, AMCON earlier yesterday through the Receiver/Manager took over the business and assets of Micmerah International Agency Limited. Justice I.B. Gafai, who presided over the matter granted AMCON the full possession as well as power of sale over the assets of Micmerah International Agency Limited now in the custody of AMCON.

AMCON had taken over the Non-Performing Loans (NPLs) of Micmerah International Agency Limited from various banks in line with its mandate under the AMCON Act.


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