AMCON takes over Geedee Zulu Investment’s assets over N4bn debt

The Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over a staggering indebtedness of over N4billion.

The corporation’s decision followed an order by Justice Muslim Hassan of the Federal High Court, Lagos.

According to AMCON, “in compliance to the enforcement order, AMCON on Monday August 31, 2020, commenced the process of effective possession of the properties through its Debt Recovery Agent – Prime Chamber Law Firm.

“The takeover, which has now been completed, include property situate at No. 4 Ekulu Close, GRA Enugu, Enugu State, and property along Gborji Road, Aguluezechukwu in Anambra State.”

According to the Head of Corporate Communications Department of the Corporation, Jude Nwauzor, all avenues for peaceful resolution were explored to no avail before AMCON made the decision to seek justice in the court of law.

He noted that the case of Geedee Zulu Investment Limited and its promoters had been dragging since the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Union Bank in 2011.

“Since the purchase of the EBA, AMCON has offered the obligor all manners of concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company, Geedee Zulu Investment Limited, have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON,” Nwauzor said.


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