AMCON SET TO TAKE OVER BEN BRUCE COMPANIES
Unpaid Debt: AMCON set to take over Ben Murray-Bruce’s companies, assets June 23, 2016Musikilu Mojeed Excerpt there is a last-minutes change in plans, the Asset Management Corporation of Nigeria (AMCON) will on Thursday morning take over the assets of three companies belonging to politician Ben Murray-Bruce and his brothers. The assets are being seized following the failure of Senator Murray-Bruce and his brothers to settle an N11 billion loan owed Union Bank and acquired by AMCON. AMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation’s financial system. Its enabling law empowers it to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner. Mr. Murray Bruce and his brothers, using their companies, had between 2005 and 2007 borrowed various sums of money from Union Bank. After they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to s