AMCON Takes Over Cityscape’s Assets Over N6 billion Debt

The Federal High Court Lagos Division has granted interim orders in favour of Asset Management Corporation of Nigeria (AMCON) to take over the assets Cityscape International Limited over the company’s N6 billion debt.

Following the order, AMCON has since appointed Mr.Anire Kanyi as receiver to Cityscape, a major player in the real-estate sector in the country.

The presiding judge, Justice A.M. Anka, while granting the order on the application of counsel to AMCON, restrained Mr.Akinwale Akinmusire, who is the Managing Director/Chief Executive Office of Cityscape “from challenging, interfering with or otherwise obstructing or frustrating the receiver (Mr. Anire Kanyi) appointed by AMCON over the assets of the company.”

The Court also mandated the receiver to take over and preserve all the assets of Cityscape, including the property situated at Buena Vista Estate, Lafiaji Town, Lekki, Lagos State, measuring 25.52 hectares, being assets covered by Deed of Legal Mortgage dated December 2009 and registered as No. 12 at page 12 in Volume 2014 at the Land Registry, Ikeja (Mortgaged and charged for a loan granted to Cityscape International Limited and guaranteed by Mr. Akinwale Akinmusire).

According to the judge, the order was pursuant to section 34, 35 and 48 of the AMCON Act 2010, section 6 of the AMCON (Amendment) Act 2015 and the Deed of Appointment pending the determination of the Motion on Notice filed along with the motion.

The order also restrained Cityscape, Akinmusire, Cityscape directors, shareholders, agents, servants, employees and or privies howsoever named, or any other person acting under their authority, from interfering with or otherwise obstructing the receiver in the course of his duties.

Justice Anka, however, ordered all banks and financial institutions, the Central Bank of Nigeria (CBN), agencies, institutions and organisations having custody of Cityscape’s fund to furnish the receiver or his office the details of any sums standing to the credit of Cityscape within seven days of being furnished with the order.