In a public notice recently issued, AMCON invited bids for the popular entertainment complex. The mall is located in the Central Area, Cadastral Zone, Abuja. It is one of several high-profile properties AMCON is putting up for sale across Nigeria, including assets in Lagos, Rivers, Oyo, and Plateau states.

The Abuja mall operates under the Silverbird Entertainment brand. In 2016, a Federal High Court ordered the seizure of the property due to an unpaid debt of over N10 billion. The debt is linked to companies owned by the Murray-Bruce family. These include Silverbird Productions Limited, Silverbird Showtime Limited, and Silverbird Galleria Limited.

Following the court order, M.A. Banire was appointed as receiver to take control of the assets. Justice C.M.A. Olatoregun also barred Ben Murray-Bruce, his brothers Guy and Roy, and other family members from interfering with the receiver’s work. The ruling affected several mortgaged properties in Abuja, Lagos, and Port Harcourt.

Despite various negotiations since the seizure, the debt remains unpaid. AMCON stated that the sale is part of its renewed strategy to recover debts from top-profile defaulters. The Silverbird Abuja mall is a flagship property. It includes retail shops, a cinema, restaurants, and office spaces.

According to AMCON, the mall offers a gross lettable area of 15,050.91 square metres. The property is being sold in its current condition.

Ben Murray-Bruce served as a senator representing Bayelsa East from 2015 to 2019. He is also known as a media entrepreneur and founder of the Silverbird Group. The group operates television and radio stations in Nigeria and Ghana. It is also behind the Most Beautiful Girl in Nigeria (MBGN) pageant.

AMCON revealed that more than 400 top-profile debtors owe about N4.5 trillion, representing nearly 80 percent of its outstanding debt. The corporation has adopted a more aggressive approach to debt recovery. This includes asset sales and legal action.

Bids for the Silverbird Abuja mall and other listed properties are open until 11 July. Interested buyers are encouraged to visit AMCON’s website or contact its agents for further details.

As of the time of reporting, Mr Murray-Bruce had not responded to requests for comment on the planned sale.

The post AMCON Lists Silverbird Abuja Mall Amid Efforts to Recover Murray-Bruce Debt appeared first on Housing TV Africa.

Speaking during the formal inauguration of AMCON’s new board in Abuja on Wednesday, Edun highlighted the importance of aligning the corporation’s activities with Nigeria’s broader economic reform agenda. He emphasized that although AMCON was initially designed as a temporary financial stabilisation mechanism, its closure must be carefully planned to avoid systemic disruption.

Dr. Bala Mohammed Bello was appointed as Chairman of the new board, with other members including Yusuf Tegina, Adeyemo Adeoye, Charles Odion Iyiore, Yahaya Ibrahim, and Emily Chidinma Osuji.

“This is more than a formal event—it marks a renewed commitment to enhancing financial sector stability, restoring investor confidence, and ensuring Nigeria’s economic resilience,” Edun stated.

He added that the corporation must go beyond recovering troubled assets, urging it to act as a model for transparency and effective resolution of non-performing loans—many of which continue to strain the banking sector and public accounts.

While praising AMCON’s role so far, the minister acknowledged that evolving economic conditions call for adaptive strategies. He outlined key priorities for the new leadership, including a strengthened asset recovery framework, intensified legal enforcement, restructuring of troubled obligations, and the strategic sale of distressed assets.

He also underscored the need for effective collaboration with institutions such as the Central Bank of Nigeria (CBN), the Judiciary, and the National Assembly, to ensure AMCON’s mandate is fully supported and executed.

In response, AMCON’s Managing Director/CEO, Mr. Gbenga Alade, expressed appreciation to the minister and pledged the board’s commitment to revamping recovery efforts. He assured that the renewed leadership would focus on delivering measurable progress in line with national objectives.

The post Edun Urges Strategic Exit Plan as New AMCON Board Takes Charge appeared first on Housing TV Africa.

The suit was filed on Wednesday at the Federal High Court in Lagos.

The plaintiffs, represented by their legal counsel, Bolaji Ayorinde (SAN), informed Justice Ambrose Lewis-Allagoa that the tenants of the disputed property were forcibly removed, with their doors broken down during the eviction. Ayorinde argued that AMCON executed the eviction based on an ex parte order obtained from Justice Chukwujekwu Aneke on October 2, 2024, despite an interlocutory injunction granted by Justice Lewis-Allagoa on June 25, 2024, which restrained any actions concerning the property.

The plaintiffs in the contempt case, Marcellina Jolaoso and Bankole Jolaoso, are acting as executors of the estate of the late Mr. Olujimi Jolaoso. The defendants named in the suit include Safe Equip Nigeria Limited, AMCON, Mr. Gbenga Alade (Managing Director/CEO of AMCON), Mr. Aloyaius C. Ezenduka, and Mr. Robert Ohuoba.

The plaintiffs submitted court documents, including Form 48 (Notice of Consequences of Disobedience to Court Order) and Form 49 (Notice to Show Cause Why Order of Attachment Should Not Be Made), which our correspondent reviewed in court.

The legal dispute centers on the ownership of the Victoria Island property, which was allegedly used as collateral for an unpaid loan from First City Monument Bank (FCMB). The debt was later acquired by AMCON, following its mandate to recover non-performing loans.

The Jolaoso family contends that AMCON violated an interim court order by evicting the tenants while the case was still pending. They assert that the court had adjourned the substantive motion to October 3, 2024, with the defendants being fully aware of the ongoing litigation.

Despite this, the plaintiffs allege that AMCON secured an ex parte order from another judge of the Federal High Court, Lagos Division, on October 2, 2024, allowing them to take possession of the property. The following day, AMCON officials, accompanied by police officers, enforced the order, evicting the occupants and securing the property.

Justice Lewis-Allagoa adjourned the case to October 14, 2024, for hearing. The legal battle over the property continues, with both sides presenting their claims in court.

The post AMCON Faces Contempt Charges for Forced Eviction appeared first on Housing TV Africa.

Announcing this in a statement, the Head of Corporate Communications Department of AMCON, Jude Nwauzor, disclosed that three other executive directors of the agency were also confirmed by the Senate.

Housing TV Africa in February reported that President Tinubu had approved the appointment of Alade as Chief Executive Officer of the Asset Management Corporation of Nigeria, to Ahmed Kuru, who assumed office in August 2015.

The Special Adviser to the President on Media and Publicity, Ajuri Ngelale, announced the appointments in a statement titled ‘President Tinubu appoints new AMCON management team’

Tinubu also appointed the three other executive directors, including, Aminu Ismail, Adeshola Lamidi, and Lucky Adaghe, pending their confirmation by the Senate.

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According to Ngelale, the President expects “unflagging dedication, professionalism, and dutifulness from the new appointees to ensure that the operations of AMCON are more efficient, transparent, and in consonance with his determination to sanitize the nation’s financial system to maximise value and enhance investor confidence in the Nigerian economy”.

However, speaking on their confirmation, Nwauzor stated that the final confirmation at Tuesday’s plenary came after the screening exercise by the Senate Committee on Banking, Insurance, and Other Financial Institutions, chaired by Senator Tokunbo Abiru.

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He said that the distinguished Senator told the Senate that the nominees were subjected to screening in line with parliamentary rules and were found competent to serve as directors of AMCON.

According to Nwauzor, they all have ‘the job’ experience, “just as the nominees also complied with the Code of Conduct rules. Most importantly, Abiru added that no petition was raised in objection to their nomination”.

“The plenary, which was presided by the Deputy Senate President, Jibrin Barau, dissolved into the ‘Committee of the Whole’ to consider each nominee based on their merit, after which they were confirmed through voice vote,” he concluded.

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