N11bn Debt: Sen Ben Murray Bruce To Relinquishes Assets To AMCON

It has been revealed that out-spoken common sense senator, Ben Bruce will today lose all his assets and companies to the Asset Management Company of Nigeria, AMCON due to his unpaid debt loan of about N11 billion acquired from Union Bank.

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.

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 belonging to the three companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.

The properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone AOO, Abuja, and the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.

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.

The order allows the Receiver/Manager to take possession of the said properties.

AMCON had on April 18 appointed a Senior Advocate of Nigeria, Muiz Banire, the receiver/manager over the sprawling properties.

Named as defendants in the suits are Senator Murray-Bruce, Guy Murray-Bruce, Michael Murray-Bruce, Guy Murray-Bruce and Jonathan Murray-Bruce, who is the senator’s first son.

An AMCON insider said Mr. Banire had concluded arrangements to take over the assets on Thursday morning (today).

Senator Murray-Bruce could not be reached, Thursday morning, to comment for this story. His known telephone line failed to connect. He is also yet to reply a text message sent to him.



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