Hydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0

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The Asset Management Corporation of Nigeria (AMCON) has recorded yet another victory over an obligor whose total indebtedness is over N600 million. The takeover of the assets of Hydro Hotels Limited and its chief promoter was confirmed at the weekend by Mr Jude Nwauzor, who is Head of Corporate Communications Department at the government recovery agency.

Affirming the decision of the Federal High Court in Minna in the latest twist, the Court of Appeal through Hon. Justice Habeeb AO Abiru, Hon. Justice Abubakar Datti Yahaya and Hon Justice Amina Audi Wambai in Suit No: CA/A/70/2018 involving AMCON vs Hydro Hotels Limited & 1 odr, the court granted AMCON judgment against Hydro Hotels Limited and its chief Promoter, Alhaji Isah Mohammed Ladan over the huge sum that has been a subject of litigation.

Hydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0

In favour of AMCON, the appellant court also ordered the forfeiture of moveable and immoveable assets of Hydro Hotels Limited and Alhaji Ladan and further granted AMCON full possession and outright power of sale of the properties. AMCON has been on rampage since President Muhammadu Buhari singed the amended AMCON Act into law. The amendment provides the government agency additional powers to go after its obligors, majority of who have remained recalcitrant for years.

Hydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0

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Armed with the order, AMCON through its appointed Debt Recovery Agent – Ajunwa & Co. took effective possession of four top properties of the obligor, which include properties situate at Plot 165/166 MTP. 95A, measuring 0.300 hectares at Farm Center, Tunga Ward, Near New Secretariat, Minna, Niger State; Plot 173 & 174 MTP. 95A consisting of 0.414 hectares; Property at No. 1 Wawa Road, New Bussa, Niger State and Property at No. 82 Garkuwas Residence, New Bussa, Niger State.

The case of Hydro Hotels Limited and its promoter has been a prolonged issue as the loan was purchased by AMCON during the 1st phase of Eligible Bank Assets (EBA) purchases from Finbank (now FCMB) far back in 2010. Following the purchase, AMCON has been in a long drawn legal battle with the company since 2015, first winning the case against the obligor at the Federal High Court, Minna in 2017 and now at the Court of Appeal in August 2020.

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As a matter of fact, due to the lack of adequate collateral, AMCON’s expanded investigation on Alhaji Isah Mohammed Ladan revealed other hidden properties belonging to the obligor located in Niger State, which were hitherto not known to AMCON. This action to expand investigation and trace additional assets is in line with Section 49 (1) & (2) of the AMCON Act 2019 (as Amended), which states as follows:

“…49 (1) Where the Corporation has reasonable cause to believe that a debtor or debtor company is the bona fide owner of any movable or immovable property, it may apply to the Court, before or at the time of filing of action for debt recovery or other like action or at any time after the filing of action, and before or after the service of the originating process by which such action is commenced on the debtor or debtor company, by motion ex-parte for an interlocutory order granting possession of the property to the Corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action.

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(2) The Corporation shall serve a certified true copy of the order of the court issued under subsection (1) on the debtor or Debtor Company.

(3) Notwithstanding anything to the contrary in any enactment, an order made under subsection (1) shall subsist till judgment or a final determination of the action, unless expressly discharged by the Court.”

AMCON commenced full recovery drive against Hydro Hotels Limited and its chief promoter after many failed attempts at reasoning with and negotiating with the obligor. In the process, AMCON exhausted all avenues of peaceful resolution of the matter.

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Hydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0 - Brand SpurHydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0 - Brand Spur

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Hydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0 - Brand SpurHydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0 - Brand Spur

Latest News

DHL donated IDR2.4 billion to SOS Children’s Villages in six years of partnership in Indonesia

  • With DPDHL Group's support and contribution of €140,000 (IDR2.4 billion) since inception, program has benefitted more than 2,500 young people in Indonesia
  • GoTeach program aims to improve youth employability, especially now with challenges posed by the COVID-19 pandemic

JAKARTA, INDONESIA - Media OutReach - 8 March 2021 - DHL Global Forwarding, the leading international freight specialist arm of Deutsche Post DHL Group (or DPDHL Group), today commemorates six years of partnership with SOS Children's Villages (SOSCV) at a DHL GoTeach Donation Ceremony. Working together with the non-governmental organization (NGO) focused on supporting children without parental care and families at risk, DPDHL Group has reached out to more than 2,500 beneficiaries in Indonesia through mentorship and educational activities and a contribution of €140,000 (IDR2.4 billion) since 2014.

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Hydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0 - Brand Spur

"As one of the largest employers in the world, the Group is supportive of programs that prepare job seekers for the working world, especially during such challenging times. Today, we are proud to commemorate our six years of partnership with SOS Children's Villages at the DHL GoTeach Donation Ceremony," said Thomas Grunau, Global Head of Business Strategy & Digitalization, DHL Global Forwarding.

During the ceremony, Grunau presented a donation of €5,000 to SOSCV Indonesia in support of the Pandemic GoTeach project, which offered an online employability training to more than 1,000 young people all over Indonesia in 2020. With the support of 12 volunteers, the online training sessions, covering employability related topics such as job interview and resume writing skills, will continue in 2021 until social distancing measures ease up. The program is the brainchild of Elok Vinindya Wardhani, Marketing and Corporate Communications, DHL Global Forwarding Indonesia, who was recognized for her initiative and effort with the organization's CEO award in the category sustainability.

DHL Global Forwarding Indonesia President Director, Vincent Yong said, "In today's rapidly changing world, education paves the way to a stable, sustainable and prosperous tomorrow. Through the GoTeach program, DHL hopes to help the youth in Indonesia to develop the skills and confidence to enter the professional world. With 509 employees across all business divisions volunteering for more than 3,000 hours in the past six years, GoTeach also delivers opportunities for our employees to actively contribute and play a role in the community."

GoTeach is a group-wide corporate responsibility program aimed at improving youth employability for those from disadvantaged socio-economic backgrounds. Educational and mentorship activities are regularly organized to better prepare them to enter the working world.

"The sustainability and power of an economy and the society depend on a strong educational system and targeted efforts to develop the next generation of working professionals. During the COVID-19 pandemic, jobs and livelihoods have been impacted, deepening the need for training and mentoring programs, such as GoTeach, for our youth to continue to develop their competencies and capabilities to reach their dreams. SOS Children's Villages is happy and proud to join hands with DHL Indonesia to deliver on this commitment," said Gregor Hadiyanto Nitihardjo, National Director SOS Children's Villages Indonesia.

According to UNICEF, there are approximately 24 million students who have dropped out of school as a result of the pandemic, adding to the 870 million students or half of the world's student population in 51 countries who have yet to return to school.

In Indonesia, DHL Global Forwarding together with DHL Express and DHL Supply Chain have continuously focused on developing youth's potential since 2014, sharing knowledge on soft and hard skills as well as supporting career development and employability for young people. The GoTeach program has been conducted in several locations across Indonesia such as Meulaboh, Banda Aceh, Medan, Jakarta, Lembang, Semarang, Bali and Flores. For the past six years, DHL employees have actively become mentors in several GoTeach activities such as skill preparation, job shadowing, DHL facility tours, internships and dream camp activities at SOS Children's Villages to improve employability. The initiative is also part of DPDHL Group's effort to contribute to local communities where they operate.


DHL – The logistics company for the world

DHL is the leading global brand in the logistics industry. Our DHL divisions offer an unrivalled portfolio of logistics services ranging from national and international parcel delivery, e-commerce shipping and fulfillment solutions, international express, road, air and ocean transport to industrial supply chain management. With about 380,000 employees in more than 220 countries and territories worldwide, DHL connects people and businesses securely and reliably, enabling global sustainable trade flows. With specialized solutions for growth markets and industries including technology, life sciences and healthcare, engineering, manufacturing & energy, auto-mobility and retail, DHL is decisively positioned as "The logistics company for the world".

About SOS Children’s Villages

SOS Children's Villages is a non-profit organization that provides alternative care for children who lost or at risk of losing their parental care. Founded in 1949 in Innsbruck, Austria, SOS Children's Villages now are in 136 countries, including Indonesia. Today, Indonesia SOS Children's Villages have nurtured and assisted more than 5.500 children in 11 cities in Indonesia: Lembang, Jakarta, Bogor, Semarang, Yogyakarta, Tabanan, Maumere, Banda Aceh, Meulaboh, Medan, and Palu. For further information, visit: www.sos.or.id | @desaanaksos


*Special Notes

SOS Children's Villages prioritizes family-based care and we form substitute families for children who lost or at risk of losing their parental care. The Mothers and Children establish a family relationship with each other just like any family out there (family-care), so we avoid terms such as an orphanage, foster child, foster mother, and orphans that is replaced with the term a child who lost or at risk of losing their parental care. In SOS Children's Villages, we also pay close attention to children's interests and we also protect their privacy, so any information that is related to their background and personal matter will only be shared with particular parties and will not be published to the public.

Hydro Hotels Limited Loses Assets to AMCON over N600m Debt (Photos0 - Brand Spur
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