AMCON sets to wind-up MRS Hold­ings over N81bn debt

Daily Trust - - BUSINESS - From Sun­day Michael Ogwu, La­gos

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.

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