AMCON takes over Silverbird Group assets – 5 Things to know
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AMCON takes over Silverbird Group assets – 5 Things to know

Mfonobong Akpan

The Asset Management Corporation of Nigeria (AMCON) on Thursday morning took over the assets of three companies belonging to Senator Ben Murray Bruce. The takeover followed the interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, on June 17 which allowed the Receiver/Manager to take possession of the said properties.

Why?

According to AMCON, Ben Murray Bruce’s companies are owing AMCON the sum of N11 billion which was borrowed sometimes in 2005 and 2007 from Union Bank of Nigeria Plc, and has defaulted in his obligations to pay back.

Companies affected?
The companies affected by the takeover are Silverbird Galleria Limited, Silverbird Promotions Limited, and Silverbird Showtime Limited.

New management?
AMCON had, by notice of appointment dated April 18 appointed Muiz Banire as Receiver/Manager over the sprawling assets of the three companies located at 133 Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria); Central Area Cadastral Zone AOO, Abuja; and Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.

Union Bank, so why AMCON?

The said loan was purchased by AMCON in 2011 after the capital base of Union Bank was terribly shaky, according to Kunle Adegoke, counsel to the Receiver/Manager.

Status quo
Silverbird Television has stopped broadcasting, as at Thursday morning. Policemen have barricaded all properties belonging to Silverbird Group owned by Senator Ben Murray Bruce; guests and staff have also been asked to vacate all premises of the Silverbird TV stations and Cinemas.

Senator Ben Murray Bruce has responded to this development via his Twitter handle. He wrote,

“I have been on an international flight and have only just landed. The situation is being resolved and things will be back to normal.

In 36 years, Silverbird has grown and like any body, it will face challenges. Tough times dont last. But we, as tough people, outlast them”

AMCON takes over Silverbird Group assets – 5 Things to know
AMCON takes over Silverbird Group assets – 5 Things to know
AMCON takes over Silverbird Group assets – 5 Things to know

Photo credit: Premium Times; Daily Post

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