The Asset Management Corporation of Nigeria (AMCON) on Thursday morning took over Silverbird Galleria, the popular mini mall belonging to Ben Murray-Bruce. AMCON was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
This is following a court order allowing AMCON to take over three of the politician’s assets – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited – due to failure to settle an N11 billion loan.
The properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone, Abuja, and the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt.
Ben Murray-Bruce, his brothers, Guy Murray-Bruce, Michael Murray-Bruce, Roy Murray-Bruce and his son Jonathan Murray-Bruce are listed as defendants in a suit over the loan default.
Senator Murray-Bruce and his brothers, using their companies, had between 2005 and 2007 borrowed various sums of money from Union Bank.
After they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing. AMCON is now seizing the assets as the loans are still unpaid, 5 years later.
The takeover follows the June 17 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset Management Corporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors.