N3.6bn debt: AMCON takes over assets of steel firm


The Asset Management Corporation of Nigeria (AMCON) has taken over two steel companies in Abuja and Cross River State.

This followed the order of Justice Binta Nyako of the Federal High Court which mandated AMCON to take over all the assets of company promoted by businessman, Shen Yaozhang and retired General Idris Garba over indebtedness of over N3billion.

The assets, which are now under AMCON, include Bao Yao Futurlex Iron & Steel Company Limited, Abuja as well as Bao Yao Huan Jian Iron & Steel Company Limited, Calabar belonging to the obligors.

A statement by AMCON says the order also froze all accounts of the companies in any financial institution in the name or belonging to the defendants

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