(Photo)AMCON takes over Ben-Bruce's Silverbird Galleria over failure to repay N11b loan
Senator Ben-Murray Bruce 's Silverbird Galleria has been taken over by the Asset Management Corporation of Nigeria(AMCON) over failure to repay an 11 billion loan.
The popular mini mall belonging to Ben Murray Bruce was repossessed this morning, following a court order. The order allows 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 the N11 billion loan.
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.
Mr. 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 as the loans are still unpaid, 5 years later.
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.
Checkout the court papers below