After Silverbird, AMCON takes over Afrijet over N10bn debt

AMCON

Asset Management Corporation of Nigeria (AMCON) has been granted an interim injunction against Afrijet Airlines Limited – a company owned by Vitalis Ibe.

The injunction was granted by Justice Chuka Austine Obiozor of a Federal High Court in Lagos on Friday.

Afrijet is in debt to the tune of N10 billion after the Eligible Bank Assets (EBAs) from defunct FinBank and Bank PHB were purchased in 2011 by AMCON.

The order also affects Ibe’s Continental Aviation Services Limited even as AMCON has appointed Gbolahan Elias (SAN) as Receiver/Manager.

On Friday, the Receiver/Manager took possession of Ibe’s assets including Afrijet Plaza, the corporate head office of the airlines located on Sheraton-Opebi Link Road Ikeja, Opebi, Lagos; his asset at Plot 22, Jimoh Odutola Street, off Eric Moore Road, Surulere, Lagos as well as his office at the Airport.

The Court order mandated the Receiver/Manager to also take over on behalf of AMCON any other of Ibe’s offices, branches, stores, warehouses, factories and his companies located and/or traced in a bid to clear the debt.

Justice Obiozor, the presiding judge also restricted Ibe and his companies from gaining access to any funds belonging to and/or deposited in any of his bank accounts under whatever name or guise in any bank or financial institution in Nigeria.

The court also directed the Inspector General of Police, Assistant Inspectors General of Police, and the Commissioner of Police in charge of Lagos State as well as other relevant police officers to assist the Receiver/Manager and the officials of the court to ensure the enforcement of the injunction of the court.

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