SILVERBIRD IN DEBT; AMCON To take over

Silverbird Galleria 

The Asset Management Corporation of Nigeria
(AMCON) this morning has taken over Silverbird
Galleria, the popular mini mall belonging to Senator BenMurray Bruce.

This follows a court order allowing AMCON to take
over three of the politician’s assets –
 Silverbird Productions Limited,
 Silverbird Showtime Limited and
Silverbird Galleria Limited

This is due to failure to settle an N11 billion loan.
The properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone,Abuja, and a building located at Abonnema Wharf Road and Abali Park in PortHarcourt.

Ben Murray-Bruce, his brothers, Guy Murray-Bruce,Michael Murray-Bruce, Roy Murray-Bruce and his son,  Jonathan Murray-Bruce are listed as defendants in a suit over the loan default.

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 save the bank from collapsing. AMCON is now seizing the assets as the loans are still unpaid, 5 years later.

The takeover follows the June 17 interim orders
granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/
CS/790/16 – Asset Management Corporation of
Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors.