N440m Debt: AMCONTakes over Jabfal Enterprises’Assets

Nume Ekeghe

Following the order of Justice C.J. Aneke of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Mr. Joshua Abiodun Faleye, the chief promoter of Jabfal Enterprises Limited, over an indebtedness of over N440million.

According to a statement by AMCON, in total compliance to the order and having met all other due processes for an effective enforcement, the corporation before the weekend took effective possession of two properties through its receiver, Benson Reeds Legal Practitioners.

The assets which the government agency took over included properties situate at Plot 9, Block XIV Okuta Elerinla Residential Estate, Akure, Ondo State, and Plot 3, Block IV, Residential Layout, Okuta

Elerinda, Akure in Ondo State.

The case between AMCON and Jabfal Enterprises Limited and its promoter has been a protracted litigation issue since the loan was taken during the first and second phases of Eligible Bank Assets (EBAs) purchase from Unity Bank Plc and Intercontinental Bank (now Access Bank Plc) almost 10 years ago.

Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor, and his company, Jabfal Enterprises Limited, have remained recalcitrant and unwilling to repay the huge debt to the corporation.

Confirming that AMCON had enforced on the assets in line with the order of the court, Head of Corporate Communications Department, AMCON, Jude Nwauzor, said: “Yes, we enforced on the properties as ordered by the court.”