AMCON takes over Daily Times

The Asset Management Corporation of Nigeria (AMCON) on Tuesday took over the assets of Daily Times Nigeria PLC, a foremost media establishment in Nigeria, over huge outstanding loan.
In a statement signed by its Head, Corporate Communications, Jude Nwauzor, AMCON said that the takeover was in continuation of AMCON’s recovery activities in the new financial year.
The statement said AMCON took over the assets on February 13, through its lawyer, Gbenga Fakoya.
It said the takeover followed the Federal High Court ruling on February 1, 2018, in which Justice I.N. Buba ordered AMCON to take over the paper.
“But having exhausted all avenues of peaceful resolution over the huge outstanding debt owed AMCON by the Daily Times PLC, the Federal High Court on February 1, 2018, presided over by Justice I.N. Buba ordered AMCON to take over the Daily Times,” it said.
The statement said that the court by the said order restrained the directors, shareholders, agents, servants, privies and /or employees howsoever described from preventing AMCON from taking possession of the Daily Times.
It added that AMCON had complied by effectively taking over the Daily Times on February 13, 2018.
The statement said AMCON was interested in the recovery of the debt and not the ownership of the media empire.
The Federal Government of Nigeria once held 96.05 percent share in Daily Times through NICON Insurance PLC.