AMCON Takes Over Wokson International Limited

Justice Babs Kuewumi of a Federal High Court Lagos has granted an injunction against Wokson International Limited in Asaba and Warri in Delta State, following an application filed before the court by the Asset Management Corporation of Nigeria (AMCON).

The court mandated AMCON to take over all the assets of Wokson International Limited and Chief Dr. William Oki, the promoter of Wokson International Limited over a staggering indebtedness of over N5billion.

According to a statement, AMCON moved in and took over all the assets of the firm and that of its principal, Oki, on May 18, as ordered by the Court through Mr. Robert Ohuoba, the Receiver, who also obtained 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 court also ordered the accounts of Wokson International Limited and Oki anywhere and in any financial institution in the name or belonging to the duo frozen.

The Judge ruled that “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.”

Also, the court 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, Mr. Robert Ohuoba (appointed by AMCON).

Head, Corporate Communications, AMCON, Jude Nwauzor was quoted in the statement to have 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. If you have exhausted all avenues of peaceful resolution, there is no other option available to the Corporation than to commence enforcement action against Chief Oki the promoter of Wokson International Limited as ordered mandated by the Court and as provided under Section 49-52 of the AMCON Act.”