The Asset Management Corporation of Nigeria (AMCON) has taken possession of Gateway Portland Cement Ltd., factories over debt of nearly three billion naira.
The corporation in a statement issued in Lagos on Friday, said that the possession followed an injunction against Gateway Portland Cement granted by the Federal High Court Abeokuta Division, Ogun State.
The statement said that AMCON’s Receiver, Mr Charles Adeogun-Phillips had formally and successfully taken possession of Gateway Portland Cement factories and facilities located in Abeokuta and Mowe areas of Ogun State.
It added that the debt had been a subject of litigation for some time now.
The statement said the court in the ruling restrained Gateway Portland Cement and the promoters whether by themselves, their agents, privies, or whosoever howsoever from moving, into the firm.
It also restrained them from withdrawing money from or with any bank or financial institutions that hitherto does business with the cement company excluding in Nigeria pending the hearing and determination of the suit to be filed by the applicants for recovery of its outstanding debts.
