The Asset Management Corporation of Nigeria (AMCON) has seized assets worth more than N440 million from the Chief Promoter of Doggi Group Limited, Umaru Abdullahi.

The corporation took possession of two properties located at Plot 3810, Cadastral Zone A04, Asokoro District, Federal Capital Territory, Abuja, and Plot 1274, Cadastral Zone B07, Katampe Hills, Katampe District, Abuja.

AMCON's spokesperson, Jude Nwauzor, said in a statement on Thursday, June 18, 2020 that the seizure was an enforcement of the ruling of a Federal High Court, Abuja earlier in June.

"The case of Doggi Group Limited and its promoter had been a protracted issue because the loan was purchased during the first phase of Eligible Bank Assets purchase from Union Bank Plc way back in 2011.

"Since then, AMCON has offered the obligor a good measure of olive branches and explored all avenues to resolve the matter amicably, but the obligor, and his company, Doggi Group Limited, have remained recalcitrant and unwilling to repay the huge debt to the corporation," Nwauzor said.

Nwauzor stressed that AMCON is not interested in the business of asset seizure, but will not relent in its mandate to recover debts owed the country by a few individuals.

He lamented that many debtors have formed the habit of hiding under legal technicalities to delay the repayment arrangement they negotiated and signed.