“N3.6 billion Debt: AMCON Takes Over Bao Yao Firms In Abuja & Calabar
Justice B.F.M. Nyako of Federal High Court has ordered AMCON to take over Bao Yao Futurlex Iron & Steel Company Limited in the FCT & Bao Yao Huan Jian Iron & Steel in Calabar,Cross River.”
”The order therefore mandates AMCON to take over all the assets of Bao Yao Huan Jian Iron & Steel Company Limited promoted by Mr Shen Yaozhang and General Idris Garba retired over a staggering indebtedness of over N3.6billion.”
“The order also froze all accounts of the companies in any financial institution belonging to the defendants, which include Bao Yao Futurlex Iron & Steel Company Limited; Bao Yao Huan Jian Iron & Steel Company Limited, Mr Shen Yaozhang, Mr Ji Yunfeng & Gen. Idris Garba (Rtd.)…”
“It would be recalled that VP Osinbajo, Board Chair of AMCON, Muiz Banire and MD/CEO, Ahmed Lawan Kuru have repeatedly reiterated the fact that AMCON would collaborate with relevant Govt agencies to intensify its chase on recalcitrant obligors over a debt profile of >N5trillion.”
