The Asset Management Corporation of Nigeria (AMCON) has secured a Federal High Court Abuja Division to take over Sigma Apartments owned by Sigma Engineering & Construction Limited over N1 billion debt.
The order given by Hon. Justice B.F.M. Nyako said the Sigma Apartment is promoted by Saidu Samaila Balarabe Sambawa, a former Minister of Sports and Social Development of the Federal Republic of Nigeria. The order came on the application of AMCON after the corporation exhausted all avenues of peaceful resolution with the obligor regarding the huge debt, but was left with no other choice.
According to AMCON, information on the website Sigma Apartments described the apartment as an epitome of refined living featuring 48 fully furnished service luxury apartments designed for those accustomed to the finer things in life. The apartment is conveniently located in the heart of Abuja metropolis midway between the northern and southern retail hub of the vibrant Abuja, downtown of Wuse II. The site further describes it as a hospitality brand that provides extended stay accommodation for sojourners in Abuja.
The promoter of Sigma Apartments and his directors have had running battles with AMCON over their inability to settle the huge debt of over N1 billion. But despite the overtures and genuine efforts made by AMCON to reach an amicable settlement terms, the businessman and his co-promoters have remained recalcitrant, thus pushing AMCON to seek legal solution to the issue.
Accordingly the Corporation appointed Babatunde Alabi as the Receiver Manager to take immediate possession of the expansive property situate at Plot No.1376, Cadastral Zone, A07, Wuse 11, Federal Capital Territory (FCT), Abuja.
In compliance with the court order, and with the support of the Inspector General of Police, and his deputies as well as the court Bailiffs, AMCON through its Receiver, Babatunde Alabi took possession of the assets of Sigma Apartments, its right and in compliance with lawful authority.
AMCON under its Managing Director/Chief Executive Officer, Ahmed Kuru has maintained that there will be no sacred cows in its bid to recover the huge debts obligation of N4.8 trillion in the hands of a few Nigerians.
To deal with the situation however, AMCON has in recent times increased the tempo of its recovery activities using firmer resolution strategies as well as utilizing the special enforcement powers vested by the AMCON Act to compel some of its recalcitrant debtors especially those that are politically exposed and business heavyweights to repay their debts.