AMCON takes over Silverbird, other Ben Bruce assets

The assets are being seized following the failure of Murray-Bruce and his brothers to settle an N11 billion loan owed Union Bank and acquired by AMCON.

Silverbird Galleria

This morning, Thursday, June 23, 2016, the Asset Management Corporation of Nigeria (AMCON) has taken over the Silverbird Galleria, Victoria Island, Lagos as well as other assets of three companies belonging to politician and entertainment investor, Senator Ben Murray-Bruce and his brothers, Guy Murray-Bruce, Michael Murray-Bruce, and Roy Murray-Bruce.

According to reports, the assets are being seized following the failure of Murray-Bruce and his brothers to settle an N11 billion loan owed Union Bank and acquired by AMCON. His son, Jonathan Murray-Bruce is also listed as a defendant in the default suit.


Ben Murray-Bruce showing off his newly acquired made in Nigerian cars in February. Photo: IG

Premium Times reports that between 2005 and 2007, the Bruce brothers had used their companies to borrow various sums of money from Union Bank. After they repeatedly defaulted in paying back, AMCON purchased the loan in 2011 to save the bank from collapsing.

AMCON is now seizing the assets belonging to the three companies used in securing the loan – Silverbird Productions Limited, Silverbird Showtime Limited and Silverbird Galleria Limited.

A copy of the court ruling

The properties include those at 133, Ahmadu Bello Way, Victoria Island, Lagos, Plot No 1161 (Silverbird Galleria), the plaza at Central Area Cadastral Zone, Abuja, and the magnificent structure located at Abonnema Wharf Road and Abali Park in Port Harcourt.