AMCON takes over company’s asset over Wokson N5 billion debt

The Asset Management Corporation of Nigeria, AMCON, on Friday said it took over all the assets of Wokson International Ltd in Asaba and Warri, Delta state.

In a statement by its spokesperson, Jude Nwauzor, AMCON said the corporation took over the company due to a N5 billion debt.
Mr. Nwauzor noted that the takeover followed an injunction against Wokson International by Babs Kuewumi of the Federal High Court, Lagos Division.

According to the statement, the order mandated AMCON to take over all the assets of Wokson International and its promoter, William Oki, over a staggering indebtedness of over N5 billion.

The statement added that on May 18, AMCON moved in and took over all the assets of the company and that of its principal, Mr. Oki, as ordered by the court through its receiver, Robert Ohuoba.

According to the statement, the assets, which are now under the corporation, include asphalt plants, hotels and several houses belonging to the company and its promoter.

It stated that the order also froze all accounts of Wokson International and Mr. Oki anywhere and in any financial institution in the name or belonging to the duo.

“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 receiver, Robert Ohuoba (appointed by AMCON),” the statement read.

According to AMCON, the debt was long overdue, noting that the corporation had tried to resolve the matter before heading to the court.

“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,” the statement noted.

“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.

“If you have exhausted all avenues of peaceful resolution, there is no other option available to the corporation than to commence enforcement action against Oki, the promoter of Wokson International, as ordered by the court and as provided under Section 49-52 of the AMCON Act,” the statement added.

Mr. Nwauzor noted that AMCON would continue to sustain its recoveries, which began in 2016, by strategically focusing on value enhanced exits of its portfolios, through continued negotiations and resolution of loans through cash recoveries, as well as asset forfeitures through negotiation or enforcement.