The Asset Management Corporation of Nigeria has seized the assets of Hydro Hotels Limited over N600 million debt.
Affirming the decision of a Federal High Court in Minna, Niger State, the Court of Appeal, through Justice Habeeb A. O. Abiru, Justice Abubakar Datti Yahaya and Justice Amina Audi Wambai, the court granted AMCON judgment against Hydro Hotels Limited and its Chief Promoter, Alhaji Isah Mohammed Ladan, on the debt.
The court further granted AMCON full possession and outright power of sale of the properties. AMCON has been at work since President Muhammadu Buhari signed the amended AMCON Act into law. The amendment provides the government agency additional powers to go after its obligors, majority of who have remained recalcitrant for years.
The case of Hydro Hotels Limited and its promoter has been prolonged as the loan was purchased by AMCON during the first phase of Eligible Bank Assets purchases from Finbank in 2010.
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