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AMCON Allegedly Freezes Sayyu Dantata’s MRS Accounts Over Debt

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The Asset Management Corporation of Nigeria AMCON, has got a Federal High court order freezing all the monies due to or lying to the credit of Sayyu Dantata’s oil company MRS Holding limited in 21 banks, according to a report by P.M News.

AMCON got the order today in a bid to fulfil the judgement sum of N45.95 billion. According to an affidavit, MRS Holdings limited was the beneficiary of a syndicated loan by a consortium of Nigerian banks in the sum of $540 Million.

The loan was given to the company in 2008, the affidavit by Aishat Lawal from the law firm of Messers Aluko & Oyebode said.

The affidavit was filed before the court by a Lagos lawyer Barrister Adeniyi Adegbonmire SAN. According to the affidavit, the syndicated loan was subsequently classified as non preforming loan and acquired by AMCON.

AMCON on 6 June demanded the payment, giving a 21 day notice to wind up the company, in case of default. After the notice expired, AMCON commenced winding-up proceedings against the defendant.

AMCON also commenced bankruptcy proceedings against Sayyu Dantata , the Chairman of MRS Holding Limited on the basis of a personal guarantee dated the 17th of September,2008 to repay the sum of $350 Million, in the event of a default by the company.

The total sum due and payable to AMCON by the company pursuant to the terms of settlement and the consent judgement is now N45,956,285,921.70

Consequently, the deponent Aisha Lawal, urged the court in the interest of Justice to grant an order attaching the funds of the company domiciled in 21 banks listed before the court.

The presiding Judge Professor Chuka Austine Obiozor, gave the garnishee order Nisi, on Tuesday, attaching the monies due to or lying to the credit of M.R.S.HOLDINGS LIMITED at the banks listed before the court.

The cost of this Garnishee proceeding shall be N1,000,000, the judge ruled.

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