The Asset Management Corporation of Nigeria (AMCON) has sealed off Silverbird Cinemas–a high patronage one stop entertainment shop in Lagos.
It’s unclear at the time of filing this, if the move will be extended to other Silverbird Cinema outposts across the country.
Silverbird belongs to politician and senator, Ben Murray-Bruce.
It is understood that all of his other businesses will be sealed as well over unpaid debt.
Premium Times reports that the assets are being seized following the failure of Senator Murray-Bruce and his brothers to settle an N11 billion loan owed Union Bank and acquired by AMCON.
AMCON was established on July 9, 2010, as a key stabilizing and re-vitalizing tool for stabilising the nation’s financial system.
Its enabling law empowers it to acquire non-performing loan assets of Nigerian banks at fair values and then put them to economic use in a profitable manner.
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 belonging to the three companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.
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