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abujagirl
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The Asset Management Corporation of Nigeria (AMCON) has initiated steps to wind down MRS Holdings Limited over its inability to repay the N81bn MRS was owing.
According to Naij, a statement released by AMCON, the corporation said, “MRS entered into an agreement with AMCON in February 2014 to restructure the debt, which then stood at over N74bn. In the agreement executed by Alhaji Dantata and another executive director of the oil company, MRS agreed among other conditions that in the event of default, all concessions granted under the terms of settlement shall be revoked and the facility called in at the discretion of AMCON.
''Alhaji Dantata and one of his directors also signed a default indemnity, which stated that if MRS Holdings Limited failed to pay any sum (of principal, interest or otherwise) due or to become due as agreed, MRS Holdings Limited shall pay additional interest at a default rate determined by AMCON on the unpaid sum from the date when such payment was due up to the default payment.”
MRS Holding Limited is by Alhaji Sayyu Dantata.
According to Naij, a statement released by AMCON, the corporation said, “MRS entered into an agreement with AMCON in February 2014 to restructure the debt, which then stood at over N74bn. In the agreement executed by Alhaji Dantata and another executive director of the oil company, MRS agreed among other conditions that in the event of default, all concessions granted under the terms of settlement shall be revoked and the facility called in at the discretion of AMCON.
''Alhaji Dantata and one of his directors also signed a default indemnity, which stated that if MRS Holdings Limited failed to pay any sum (of principal, interest or otherwise) due or to become due as agreed, MRS Holdings Limited shall pay additional interest at a default rate determined by AMCON on the unpaid sum from the date when such payment was due up to the default payment.”
MRS Holding Limited is by Alhaji Sayyu Dantata.
