AMCON Takes Over Portland Cement

The Asset Management Corporation of Nigeria (AMCON) has taken over ownership of Gateway Portland Cement Limited.

The takeover followed an injunction by a Federal High Court, Abeokuta, on Friday, granted against the company, whose debt profile exceeds N3billion.

AMCON’s receiver Charles Adeogun-Phillips, took over possession of Gateway Portland Cement Limited factories and facilities in the state on Friday.