N5bn Debt: AMCON Takes Over Wokson International

AMCON
  • AMCON Takes Over Wokson International

Justice Babs Kuewumi of the Federal High Court, Lagos Division, has granted an injunction against Wokson International Limited in Asaba and Warr, bothi in Delta State, on the application of the Asset Management Corporation of Nigeria.

The order mandates AMCON to take over all the assets of Wokson International Limited and its promoter, Dr. William Oki, over an indebtedness of over N5bn.

AMCON said in a statement on Friday that it on Thursday moved in and took over all the assets of the company and its promoter as ordered by the court through Mr. Robert Ohuoba, the receiver, who also received protective orders from the court.

The assets, which are now under AMCON, include asphalt plants, hotels and several houses belonging to Wokson and Oki.

The order also froze all accounts of Wokson and Oki anywhere and in any financial institution in the name or belonging to the duo.

The statement quoted the order as stating, “All financial institution served with the order hereby made shall comply by filling at the Registry of the Federal High Court affidavits showing cause and serving same on the claimant’s legal practitioner and in the event that money is found in any account standing in the credit of the defendant, to transfer such sum to the nominated account of the claimant forthwith.”

The court also directed the Inspector-General of Police and the Commissioner of Police, Delta State Police Command, to assist and protect the bailiffs of the Federal High Court and the AMCON-appointed receiver, Ohuoba.

The Head, Corporate Communications, AMCON, Jude Nwauzor, said, “We saw it coming because the said debt is long overdue. I want you to understand that before we get to this stage with any of our obligors, we must have patiently tried to resolve the matter without going to court. Anytime we end up taking over assets such as in the case of Wokson, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive.

“When we had exhausted all avenues of peaceful resolution, there was no other option available to the corporation than to commence enforcement action against Chief Oki, the promoter of Wokson International Limited, as mandated by the court and as provided under Sections 49-52 of the AMCON Act.”

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years' experience as a foreign exchange research analyst and trader. A graduate of University of East London, U.K. and a vivid financial markets analyst.

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