AMCON restates PSML ownership of DSC Assets

The Asset Management Corporation of Nigeria, AMCON, has reaffirmed Premium Steel and Mines Limited as true and bona-fide owners of all the assets of the Delta Steel Company, Ovwian-Aladja, stressing that anybody, individual or corporate that does business with any firm or persons with regards assets of DSC (core or non-core assets) does so at his or her own risk.

In a statement released to newsmen by AMCON, the federal government agency frowned at a publication made by the Bureau of Public Enterprises (BPE) in the Punch Newspaper of 16th November 2020 at page 16 and the Urhobo Voice Newspaper of 23rd November 2020 at page 10, as well as a letter dated 14th December 2020 written by Dan Odiete & Co and Richardson Osifo, which AMCON described as incorrect, misconceived and misleading.

‘’In the said publications, BPE amongst others stated that Asset Management Corporation of Nigeria (AMCON) has no legal right or authority whatsoever to deal or transact any business with respect to Delta Steel Company’s Townships 1, 2, 3, and 4, the air strips or any other property therein. While in the letter of 14th December 2020, Dan Odiete & Co claimed to have been appointed by BPE to be the facility manager and sale agent for the Townships 1, 2, 3, and 4 which form part of the non-core assets of Delta Steel Company (DSC).

‘’We are by this publication informing the general public to disregard in their entirety, the BPE’s publication in Punch Newspaper of 16th November 2020 at page 16, the Urhobo Voice News of 23rd November 2020 at page 10 and the letter dated 14th December 2020 written by Dan Odiete & Co. The public are hereby warned not to have any dealings with the BPE, Dan Odiete & Co. or any other person other than AMCON and/or Premium Steel and Mines Ltd as regards any property of Delta Steel Company (DSC).

‘’AMCON hereby affirms and authenticates the validity, credibility and legality of the AMCON’s publication in the Vanguard Newspaper of 9th November 2020 at page 48, and the Urhobo Voice Newspaper of 23rd November 2020 at page 6’’, AMCON stated.

The statement affirmed that AMCON became vested with title over the entire assets of Delta Steel Company by virtue of the Loan Purchase Agreement that certain banks as creditors of Delta Steel Company entered into with AMCON due to DSC’s inability to pay up the debt owed these banks.

‘’For the avoidance of doubt, AMCON became vested with title over the entire assets of Delta Steel Company by virtue of the Loan Purchase Agreement that certain banks as creditors of Delta Steel Company entered into with AMCON due to DSC’s inability to pay up the debt owed these banks, which debt DSC secured with its entire core and non-core assets (its entire leasehold which include townships 1, 2, 3, and 4}. The acquisition of the debt by AMCON was pursuant to the Asset Management Corporation’s Act 2010 (as amended).  

‘’The public is hereby warned, advised and/or directed not to deal with BPE, Dan Odiete & Co and/or any other person working with or under the instructions of BPE/Dan Odiete & Co with regard to any of the assets of DSC. The only authority that has all the legal and equitable right over the said assets is AMCON which has put Premium Steel and Mines Ltd in management and control of the entire assets of DSC except the residential houses in township 1.

‘’Please be properly guided that any person who pays money to or enters into any arrangement with Dan Odiete & Co, Richardson Osifo and/or BPE for any of the assets of DSC apart from the residential houses in township 1 does so at their own peril,’’ the statement added, emphasizing that all trespassers shall be prosecuted by law.

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