AMCOM Takes Over Gateway Portland Cement

July 23, 2017
AMCOM Takes Over Gateway Portland Cement

By Dipo Olowookere

An injunction against Gateway Portland Cement Limited and Dr Olumuyiwa Odegbami on the application of the Asset Management Corporation of Nigeria (AMCON) for a takeover of the firm has been granted by Justice A. T. Mohammed of The Federal High Court, Abeokuta Division, Ogun State.

With this court order, AMCON’s receiver, Mr Charles Adeogun-Phillips, has formally taken possession of Gateway Portland Cement factories and facilities located in Abeokuta and Mowe areas of Ogun State over a debt profile of nearly N3 billion, according to a statement by the corporation on Friday.

The debt has been a subject of litigation for some time now.

The court restrained the firm and its promoters, their agents and privies from moving into the company, withdrawing money from or with any bank or financial institutions that hitherto did business with it pending the hearing and determination of the suit to be filed by the applicants for the recovery of the outstanding debts.

The order also restrained Gateway Portland Cement and the promoters by themselves, their agents, servants and, or their privies from interfering with or otherwise obstructing or frustrating the AMCON-appointed receiver in performing his duties.

Gateway Portland Cement and its promoters were directed to deliver to the receiver manager all the charged assets of the firm in their possession forthwith.

To ensure that the court order is carried out as directed, Justice Mohammed directed the Inspector General of Police, the Assistant Inspectors General of Police and Commissioners of Police in charge of any location where the pledged assets of the firm might be found to assist the bailiff and the AMCON receiver, Mr Adeogun-Phillips, in the enforcement of the order.

Dipo Olowookere

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan.

Mr Olowookere can be reached via [email protected]

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