AMCON Corporation takes over Wokson International over N5bn indebtedness

The takeover followed an injunction against Wokson International by Justice Babs Kuewumi of the Federal High Court, Lagos Division.

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The Asset Management Corporation of Nigeria (AMCON) has taken over all the assets of Wokson International Ltd in Asaba and Warri, Delta State, due to N5 billion debt.

Head of AMCON's Corporate Communications disclosed this in statement issued in Lagos on Friday, May 19.

It said that the takeover followed an injunction against Wokson International by Justice Babs Kuewumi of the Federal High Court, Lagos Division.

The statement said that the order mandated AMCON to take over all the assets of Wokson International and its promoter, Dr William Oki, over N5 billion indebtedness.

It said that the court granted an injunction on the application of AMCON.

The statement added that AMCON moved in and took over all the assets of the company and that of its principal (Oki) as ordered by the court through its receiver, Mr Robert Ohuoba, on May 18.

According to the statement, the assets, which are now under AMCON, include asphalt plants, hotels and several houses belonging to the company and its promoter.

It stated that the order also froze all accounts of Wokson International and Oki anywhere and in any financial institution in the name or belonging to the duo.

"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, Robert Ohuoba (appointed by AMCON)," the statement said.

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Nwauzor said in the statement that the debt was 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 Oki, the promoter of Wokson International, as ordered by the court and as provided under Section 49-52 of the AMCON Act,"Nwauzor said.