AMCON Takeover: Sen. Bruce took Union Bank’s N11b to build Silverbird empire

Common Sense exponent Sen. Ben Murray-Bruce has lost his media empire to the Asset Management Corporation of Nigeria for his failure to pay back the N11 billion loan he got from the Union Bank between 2005 and 2007.

His Silverbird Galleria Limited, Silverbird Promotions Limited, and Silverbird Showtime Limited will now be run by AMCON which took over the bank’s non-performing loans in 2011 to save the depositors’ money.

SAN Muiz Banire is the receiver AMCON appointed on April 18 to manage the takeover.

The asset manager got an interim order from Justice Cecilia Olatoregun-Ishola of the Federal High Court, Lagos, on June 17 to authorise the takeover of the company’s assets located at 133 Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria); Central Area Cadastral Zone AOO, Abuja, and Abonnema Wharf Road and Abali Park in Port Harcourt City of Rivers State.

Police and agents of the receiver have since locked up the properties.