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REVEALED: AMCON may seize Adenuga's assets over debts

27 June 2016, 11:04

Lagos - Indications have emerged that some companies belonging to Billionaire Chairman of Globacom Telecommunications Limited, Mike Adenuga might be shut down by the Asset Management Company of Nigeria (AMCON) according to Premium Times.

It was gathered that ConOil, owned by Nigeria’s second richest man is being pursued for a combined debt of over $140.5 million by two foreign and one local companies.

The increasing debt profile of the telecom and oil mogul, who increased his net worth by almost $5 billion in the last year, according to luxury lifestyle magazine, Forbes, has forced some of the creditor companies to shut down operations.

One of such companies is Depthwize, a local oil servicing company, which is owed $40 million by ConOil.

Also read: PHOTOS: AMCON seizes Ben Bruce’s properties

The refusal of the management of ConOil to pay Depthwize, a small drilling contractor has forced the company to lay off workers and shut down services on two of ConOil’s rigs until the money is paid, those familiar with the matter said.

The Asset Management Company of Nigeria (AMCON) listed Adenuga as one of the country’s biggest debtors for a N2.4billion loan his real estate company, Convenant Apartments Complex Limited, took from Wema Bank.

This is happening few days after News24 reported that AMCON sealed off some assets belonging to Senator Ben Murray Bruce.

Silverbird Cinemas in Abuja, Lagos and Port Harcourt were shut down by AMCON over failure of the management to pay back an N11bn loan taken from Wema Bank.

- News 24


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