The Asset Management Corporation of Nigeria (AMCON) has seized the assets of Hydro Hotels Limited and that of its chief promoter Isah Mohammed Ladan.
The “bad debt” agency seized the hotel, located at 1 Wawa Road, New Bussa, Niger after winning a court of Appeal judgement granting the government agency full possession and outright power of sale of the company’s assets. to liquidate the company’s moveable and immoveable assets to pay a 600 million naira debt owed to FinBank PLC, one of the legacy banks that merged into First City Monument Bank (FCMB) PLC.
The Court of Appeal affirmed a lower Minna Federal High Court’s judgement in AMCON’s favour after Justices Habeeb AO Abiru, bubakar Datti Yahaya Amina Audi Wambai granted AMCON its reliefs in Suit No: CA/A/70/2018.
While the hotel is purportedly owned by the trio of Nedufu Mohammed, Farida Mohammad and Samirah Mohammad, AMCON’s investigators established that Mr Isah Mohammed Ladan is the beneficial owner of the company.
AMCON through its appointed Debt Recovery Agent – Ajunwa and company has now taken effective possession of the company’s assets, which include properties situate at Plot 165/166 MTP. 95A, measuring 0.300 hectares at Farm Center, Tunga Ward, Near New Secretariat, Minna, Niger State; Plot 173 & 174 MTP. 95A consisting of 0.414 hectares; Property at No. 1 Wawa Road, New Bussa, Niger State and Property at No. 82 Garkuwas Residence, New Bussa, Niger State.
The case of Hydro Hotels Limited and its promoter began when the loan was purchased by AMCON during the first phase of Eligible Bank Assets (EBA) purchases from Finbank (now FCMB) in 2010. Following the purchase, AMCON had been in a long drawn legal battle with the company since 2015, first winning the case against the obligor at the Federal High Court, Minna in 2017 and then at the Court of Appeal in August 2020.
When AMCON realised that the loan was not properly collateralised, AMCON’s expanded investigation into Mr Isah Mohammed Ladan revealed other hidden assets belonging to the obligor located in Niger State, which were hitherto not known to AMCON.
AMCON commenced full recovery drive against Hydro Hotels Limited and its chief promoter after many failed attempts at reasoning with and negotiating with the obligor. In the process, AMCON exhausted all avenues of peaceful resolution of the matter.