Wednesday, 4 March 2015

AMCON Takes Over Buruji Kashamu's Hospitality Business Over N5b Debt

Controversial business man and politician, Buruji Kashamu has landed in fresh trouble, as Asset Management Corporation of Nigeria (AMCON) has reopened the debt case hanging on the neck of the man who is reported to be on the wanted list of the US criminal department for drug related offences.

A source revealed to TheCapital that his Best Western The Island Hotel situated on Ahmadu Bello Way, Victoria Island, Lagos has been taken over by AMCON over debt said to be in the region of N5billion.

According to information available to us, the N5billion is a loan deal he (Kashamu) secured from Access Bank to build some of his business concerns which includes Hotel De Island, Kasmal Properties, Island Autos and Nacoil. 

We also reliably gathered that as from next January 2015 AMCON will be managing the hotel and every money realised from there will be channelled into the debt recovery.

In 2012 AMCON listed Kashamu as one of Bank debtors on their website;  the issue have been in court since then that some customers, especially politicians who patronizes the bank made huge cash movement from the bank some months ago and that might be one of the causes of the cash drought.  

Efforts to speak with corporate communication personnel of the bank proved abortive as none responded to both email and SMS sent.




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