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Thursday, 23 June 2016

AMCON takes over Bruce's assets!

The Asset Management Corporation Of Nigeria (AMCON) has already started taking over Bruce's assets, following the failure of Senator Murray-Bruce and his brothers to settle an N11bn loan owed
to Union Bank and later acquired by Asset Management Corporation of Nigeria (AMCON).

Murray Bruce and his brothers had borrowed a huge sum of money from Union bank in the past few years using their company as a collateral. After they had 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.


The planned takeover followed the June 17 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset Management Corporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors

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