AMCON Denies Detaining 344 Students In Enugu


Asset Management Corporation of Nigeria (AMCON) has denied reports that it Providence High School located on independence layout in Enugu state with mobile policemen and detained 344 female students.

In a statement, head, corporate communications department of the corporation, Jude Nwauzor, said the report was unsubstantiated and totally spewed mischief and half-truths regarding the real issues about the enforcement exercise at the school. “AMCON does not shut down schools because the management of AMCON understands the strategic importance of that sector to the country,” he stated.

“This is not the first time AMCON is having to enforce on a school. Some years back a certain high-profile school in Lekki area of Lagos State was also enforced on but AMCON did not shut down the school or detained the students until the issues were amicably settled.

“The same enforcement approach was deployed at the school in Enugu by going there to place AMCON’s possessory sign board on the wall of the school and on the gate. It is therefore difficult to understand how writing on the fence of the school, which is outside the school premises and placing a small AMCON sign amounted to disrupting school activities and detaining the students.

“Aside the school authority that was approached before the signs were placed, the students some of whom were in their hostels and their various classes did not know that any enforcement exercise even took place,” he pointed out.

The statement noted that “the management of the embattled school is using sensational journalism to raise false alarm. “The gate of the school is still open, and activities are ongoing. It is a boarding school with students from across the country.

them? It’s all lies told to curry public sympathy and to delay the repayment of a huge debt of over N7.6 billion, which is the main issue.


“As far as AMCON and records are concerned the property where the school is located belongs to Ferdinand Property Investment Limited. The company several years back took loan from UBA Plc and gave Corporate Guarantee in respect of the $2.9m AFDB loan granted to Ferdinand Oil Mills Limited in 1989.


“All the loans remained unliquidated resulting in AMCON acquiring the loan. The order and the originating processes were served on the school on July 16, 2016, but the school pleaded to be given time to enable them to arrange how to settle AMCON,” the statement read in part.