Lagos - Nu Metro, one of the biggest names in the entertainment industry, is ceasing operations in Nigeria over ballooning debts, it has been established.
Owners of the Nigeria subsidiary of the global brand have summoned a meeting of creditors to discuss the voluntary winding up of the company.
The meeting is scheduled for September 20 in Lagos.
According to documents obtained by this publication, part of the agenda of the meeting is to consider the statement of the position of the company's affairs together with a list of creditors of the company and their claims.
The meeting is scheduled to discuss the appointment of Michael Oluwole Oladotun of Balogun Badejo and Co. as liquidator for the purpose of winding up the affairs of the company and distributing its assets.
Nu Metro International opened its first Mediastore in Nigeria at the Silverbird Galleria, Victoria Island, Lagos in 2005.
The company sold its holdings to locals in three years later.
Nu Metro businesses in Nigeria 's major cities currently comprise of cinema complexes, multimedia stores for books, magazines, digital video discs and music.
- CAJ News