JUSTICE Babs Kuewumi of the Federal High Court Lagos Division has granted an injunction against Wokson International Limited in Asaba and Warri in Delta State on the application of Asset Management Corporation of Nigeria, AMCON.

The order therefore mandates AMCON to take over all the assets of Wokson International Limited and William Oki, promoter of Wokson International Limited, over a staggering indebtedness of over N5 billion.

On May 18, AMCON moved in and took over all the assets of Wokson International Limited and that of its principal, Oki as ordered by the Court through Robert Ohuoba, the Receiver who also received protective orders from the court.

The assets, which are now under AMCON include asphalt plants, hotels and several houses belonging to Wokson International Limited and Oki.

The order also froze all accounts of Wokson International Limited and William Oki anywhere and in any financial institution in the name or belonging to the duo. According to the order, “…all financial institution served with the order hereby made shall comply by filling at the Registry of the Federal High Court affidavits showing cause and serving same on the Claimant’s Legal practitioner and in the event that money is found in any account standing in the credit of the defendant to transfer such sum to the nominated account of the Claimant forthwith.”

The Court also directed the Inspector-General of Police and the Commissioner of Police, Delta State Police Command, to assist and protect the bailiffs of the Federal High Court and the Receiver, (appointed by AMCON).

Confirming that AMCON had already taken over the assets/properties as directed by the Court, Jude Nwauzor, head, Corporate Communications, AMCON said, “We saw it coming because the said debt is long overdue. I want you to understand that before we get to this stage with any of our obligors; we must have patiently tried to resolve the matter without going to court. Anytime we end up taking over assets such as in the case of Wokson, it means all efforts by AMCON to get the obligor to amicably repay the indebtedness have proved abortive. If you have exhausted all avenues of peaceful resolution, there is no other option available to the Corporation than to commence enforcement action against Chief Oki the promoter of Wokson International Limited as ordered mandated by the Court and as provided under Section 49-52 of the AMCON Act.”

It would be recalled that Ahmed Kuru, managing director, reiterated the fact that AMCON would continue to sustain its high tempo of recoveries, which began last year by strategically focusing on value enhanced exits of its portfolios, which encompasses continued negotiations and resolution of loans through cash recoveries, asset forfeitures through negotiation or enforcement; capital restructuring for short to mid-term exits as well as joint venture arrangements for asset operations and land development.

• May 20, 2017 @ 4:15 GMT