A day
after they were sealed by Nigerian officials for loan default, some
subsidiaries of Silverbird Group reopened for business on Friday afternoon,
with apologies to their “viewers, listeners and online subscribers.”
The Assets Management Corporation of Nigeria, AMCON, on Thursday
effected a court order to take possession of Silverbird Galleria Limited,
Silverbird Promotions Limited, and Silverbird Showtime Limited which are part
of the media group owned by businessman and politician, Ben Murray-Bruce, and
his family.
The takeover was necessitated by an alleged failure of the three
companies to repay about N11 billion credit they obtained from Union Bank of
Nigeria.
AMCON, a federal government-backed agency established to manage
delinquent loans of big firms and individuals, said it had purchased all the
debts as part of a bailout deal it reached with Union Bank when it was in
distress.
The three businesses, with offices in Lagos, Abuja and
Port-Harcourt, were emblazoned with red caveats that informed the general
public that they had been taken over by the government.
In his reaction to the takeover, Mr. Murray-Bruce said his
businesses are going through “tough times.” He sued for calm, saying, “The
situation is being resolved and things will be back to normal.”
That much came to pass on Friday, at least in operational
context, when Silverbird Television and Rhythm FM, two of the many subsidiaries
of the group, announced their return to air.
“The Management of Silverbird Communications Ltd., owners of
Rhythm FM and Silverbird TV sincerely apologise (sic) to its numerous viewers,
listeners and online subscribers over the disruption of our operations across
television, radio and online media.
“This was
due to a situation beyond our control. However, we are pleased to inform you
that we are back on air on radio, television and on our online platform,”
Rhythm 93.7 FM, based in Lagos, said in a statement posted on its Facebook page Friday
afternoon.
“We thank you for your patience and understanding at this time.”
PREMIUM TIMES also confirmed that the stations were back on air
in and around Lagos on Friday evening.
But Mr. Murray-Bruce and his brothers would not be in charge of
running the businesses, said Kunle Adegoke, an attorney working with Muiz
Banire, the debt recovery manager overseeing the takeover.
Mr. Adegoke told PREMIUM TIMES on Friday evening that the
reopening of the businesses should not come as a surprise to Nigerians. He said
they were only repossessed by the authorities but not liquidated.
The lawyer said AMCON would continue to superintend the affairs
of the businesses in order to make them more effective and profitable, but
added that Mr. Murray-Bruce and his brothers would be carried along in the
day-to-day running of the businesses.
“That is true. The purpose of receivership is to ensure the
businesses are run consistently and to recover the loan that is outstanding
against the three companies,” Mr. Adegoke said. “So, it is to that effect that
we directed this afternoon that they should reopen the businesses.”
“That the receiver has taken over the finances of the
organisation together with the administrative office. The purpose being that if
the essence is to recover the money that is outstanding against these
companies, then also the receivables that would come from the businesses should
be the fundamental target pursuant to the order of the court.
“So we have directed that the television should go back on air
and the radio.
“The essence is not to kill the business but to make it
profitable. So that is the situation right now. What we have decided as the
receivers is to ensure that the existing management would have to work with us
to ensure that things are perfectly run,” Mr. Adegoke said.
Mr. Murray-Bruce’s businesses are only a few of many companies
that AMCON has taken over or is in the process of taken over because they
defaulted on their loan obligations.
The Bayelsa Senator, however, said he did no wrong in defaulting
on his loans.
“There is no shame in taking loan,” he said in a Twitter
session.”If I didn’t take loans, I wouldn’t be able to employ 1000 Nigerians.”
Source: Premium Times
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