ben-bruce-and-silverbird

Nigeria’s entertainment mogul and popular senator, Ben Murray-Bruce is in trouble. The Asset Management Corporation of Nigeria, AMCON, this morning seized some of the most prominent proprieties of his famous companies.

Properties seized include the iconic Silverbird Galleria on Ahmadu Bello Way, Victoria Island, Lagos. Also seized are sprawling properties at Abonnema Wharf Road and Abali Park in Port Harcourt as well as those at Central Area Cadastral Zone AOO, Abuja.

The seizures are sequel to an interim order granted by a federal High Court in Lagos on June 17. Justice Cecilia Olatoregun-Ishola granted AMCON leave to appoint a receiver/manager to take over the assets of the companies over an unpaid loan of N11 billion owed Union Bank PLC by the companies. The defaulting companies were listed as Silverbird Galleria Ltd, Silverbird Promotions Ltd and Silverbird Showtime Ltd.

The companies were said to have borrowed various sums of money from the bank between 2005 and 2007 but defaulted in paying back. AMCON purchased the debt in 2011 when it was obvious that Union Bank needed help to  shore up its capital base which was under threat from a huge portfolio of unpaid loans.