• Monday, July 22, 2024
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Fear grips Onitsha Electromart traders as AMCON threatens to sell market over N300m debt

Onitsha electronic market

The popular Onitsha Electronics Market (Electromart) in Anambra State may be sold by the Asset Management Company of Nigeria (AMCON) to a private investor to recover an unserviceable bank loan of N300 million.

The loan, BusinessDay learnt, was obtained by some past executives of the market while constructing the market.

A letter from AMCON signed by Okoronkwo Onwukwe, head of receivership enforcement, and Joshua Ikioda, group head, enforcement, and addressed to the managing director, Silverline Industries Limited, Abuja, while responding to a request for authority to act as a mandate for the sale of Electronics Market, Industrial Layout, Anambra State, confirmed that AMCON was willing to sell the Electronics Market provided that the offer is within its reserve price.

The market, located opposite Premier Breweries along the Onitsha-Asaba Expressway before Bridgehead, has been embroiled in several cases of leadership crisis and accountability among both serving executives and past leaders.

Some stakeholders, who are all stall owners in the market, accused the incumbent president of the market, Izuchukwu Okoye, of outright refusal to render any account to the association since assumption of office.

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But Okoye denied their allegations when contacted.

The stakeholders also raised the alarm that the Electronics Market is in danger of being sold off by AMCON because some characters used the market to take N300 million loan from a bank without resort to traders who own market stalls.

Meanwhile, palpable tension has enveloped the market following the latest development even as the trustees have appealed to Anambra State Governor Willie Obiano to intervene and save the situation.

They urged government to set up an investigation committee to investigate the situation in the market and save the traders the trauma of losing their shops.