AMCON sets to wind-up MRS Holdings over N81bn debt
As part of its massive recovery effort in the last couple of weeks, the Asset Management Corporation of Nigeria (AMCON) has initiated steps to wind-up MRS Holdings Limited because of inability of the company to pay N81bn it owed the AMCON.
The AMCON commenced a winding-up proceeding against MRS Holding Limited, owned by top businessman, Alhaji Sayyu Dantata, at the Federal High Court, sitting in Lagos, after all entreaties made by the corporation to Dantata and his MRS to settle the outstanding debt failed.
The AMCON has in Suit No. FHC/L/ CP/923/2016 asked the Federal High Court, Lagos Division, to allow it force the insolvent MRS, a major player in the downstream sector of the oil and gas industry in Nigeria, into compulsory liquidation.
The asset management company, in a statement it issued Monday, said that the MRS entered into an agreement with AMCON in February 2014 to restructure the debt, which then stood at over N74bn.
In the agreement executed by Dantata and another executive director of the oil company, MRS agreed, among other conditions, that in the event of default, all concessions granted under the terms of settlement shall be revoked and the facility called in at the discretion of the AMCON.