Monday, 24 July 2017

N3bn debt: AMCON takes over Gateway Portland Cement

Justice A. T. Mohammed of the Federal High Court, Abeokuta Division, Ogun State, has granted an injunction against Gateway Portland Cement Limited and Dr. Olumuyiwa Odegbami on the application of Asset Management Corporation of Nigeria (AMCON).

Consequent upon the court order, AMCON’s Receiver, Mr. Charles Adeogun-Phillips, has formally and successfully taken possession of Gateway Portland Cement Limited factories and facilities located in Abeokuta and Mowe areas of Ogun State over a debt profile of nearly N3 billion. The debt has been a subject of litigation for some time now.

The court in the ruling restrained the Gateway Portland Cement Limited and the promoters, whether by themselves, their agents, privies or whosoever, howsoever, from moving into the firm, withdrawing money from or with any bank or financial institutions that hitherto does business with the cement company excluding in Nigeria pending the hearing and determination of the suit to be filed by the applicants for recovery of its outstanding debts.

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