The Assets Management Company of Nigeria (AMCON) has started taking over Bne Bruce's possessions. As you read this, Nigerians near Silverbird Galleria have started taken pictures showing that AMCON indeed has taken over the property.
It all started following the failure of Senator Murray-Bruce and his brothers to settle an N11bn loan owed Union Bank and acquired by Asset Management Corporation of Nigeria (AMCON).
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AMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation's financial system. 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.
Murray Bruce and his brothers, using their companies, had between 2005 and 2007 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 belonging to the three companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.
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