Quick one on Murray Bruce
Yes, all businesses owe at a point or the other, debt is what makes the economy move. It becomes bad when the businesses fail to service their debt.
On Ben Murray Bruce and AMCON, let’s cut to the chase, AMCON is in the right here. This is not like the Fayose case where the EFCC is on very shaky legal ground. This is cut and dry.
For two years, the Murray Bruces took, via their companies, a number of loans from Union Bank. That two year period was a decade ago. They repeatedly defaulted in paying back the loans, and it got Union Bank in trouble. Five years ago, AMCON purchased the loan from Union Bank. This loan buy back by AMCON, was done to save Union Bank from collapsing under the sheer weight of non-performing loans such as those taken by the Bruce brothers.
I do not know how many times AMCON has issued notices to the Bruce brothers, but the fact is, it must have been a lot. And it is clear that AMCON followed due process. They went to court, they got an order a week ago, they have moved.
We may not like what has happened, but it does not make it wrong. The only issue maybe, is the optics. Ben Bruce just happens to be in the opposition. But hey, he has erred, so make e chop im cane. Me, I’m just concerned about the prospect of having to return to pirated movies.