AMCON takes over company belonging to Dangote's brother

The Asset Management Corporation of Nigeria, AMCON, on Friday successfully took over possession and management of Dansa Foods Processing Company Limited belonging to Sani Dangote.

Mr. Dangote is the younger brother to Aliko Dangote, Africa’s richest man.

The takeover of the company followed the orders of the Federal High Court granted by Justice C. Olatoregun in the exparte application filed by the Receiver/Manager appointed by AMCON in March 2016, Ekokoiesua Urua.

The takeover of control of the company is part of AMCON’s efforts to recover over N400 million outstanding debt, out of over N4 billion owed Union Bank, which the company failed to pay.

“To give effect to the order of the Federal High Court, Lagos, our law firm, as the legally appointed Receiver/Managers, on behalf of AMCON, proceeded to immediately seal off the premises of the company located at #1 Alfred Rewane Road, Falomo, Ikoyi, Lagos,” Mr. Urua said on Friday in a statement.

Mr. Urua, a lawyer in the law firm of Ita Enang & Co., solicitors to AMCON, said on Friday he had earlier in May successfully taken over another company affiliated to the Dangote family, Bulk Pack Services Limited.

Bulk Pack is a major manufacturer and supplier of packages for beverage drinks producing companies in the country.

The lawyer said his firm would be proceeding to Kano on Monday to effect the takeover of another company belong to the Group over similar offences.