Bad Debt: AMCON Seizes Silverbird Group Assets


Assets Management Company of Nigeria, AMCON, has on Thursday morning  taken over all assets owned by Silverbird Group.

Policemen have barricaded and sealed all properties belonging to Silverbird Group owned by Senator Ben Murray Bruce including the popular mini mall, Silverbird Galleria, belonging to Ben Murray Bruce.

This is following a court order allowing AMCON to take over three of the politician’s assets – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited – due to failure to settle an N11 billion loan owed Union Bank and acquired by AMCON.

Silverbird Group debt charge 3

The properties include those at 133 Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone, Abuja, and the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt.

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Between 2005 and 2007, Mr. Murray Bruce and his brothers, using their companies, had borrowed various sums of money from Union Bank.

After they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing. AMCON is now seizing the assets as the loans are still unpaid, 5 years later.

The takeover follows the June 17 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset Management Corporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors.

The order allows the Receiver/Manager to take possession of the said properties.

Silverbird Group debt charge

Ben Murray-Bruce, his brothers, Guy Murray-Bruce, Michael Murray-Bruce, Roy Murray-Bruce and his son Jonathan Murray-Bruce are listed as defendants in a suit over the loan default.

AMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation’s financial system.

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Its enabling law empowers it to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner.

Mr. Commonsense, Over to you!