AMCON takes over Silverbird, other Ben Bruce assets over debt

Senator Ben Murray-Bruce
Today, Thursday, June 23, 2016, the Asset Management Corporation of Nigeria (AMCON) has taken over the Silverbird Galleria, Victoria Island, Lagos as well as other assets of three companies belonging to politician and entertainment investor, Senator Ben Murray-Bruce and his brothers, Guy Murray-Bruce, Michael Murray-Bruce, and Roy Murray-Bruce.

According to reports, the assets are being seized following the failure of Murray-Bruce and his brothers to settle an N11 billion loan owed Union Bank and acquired by AMCON. His son, Jonathan Murray-Bruce is also listed as a defendant in the default suit.

It’s also reported that between 2005 and 2007, the Bruce brothers had used their companies to borrow 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.

a copy of the court ruling…
The properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone AOO, Abuja, as well as structures located at Abonnema Wharf Road and Abali Park in Port Harcourt, Rivers State.

The June 17, 2016 interim orders granted by Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, in Suit No. FHC/L/CS/790/16 – Asset Management Corporation of Nigeria & 3 Ors. v. Ben Murray Bruce & 4 Ors permits the Receiver/Manager to take possession of the said properties.

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.