AMCON Moves to Sell Silverbird Abuja Mall Over Ben Murray-Bruce’s ₦10 Billion Debt Scandal

In a dramatic escalation of its debt recovery efforts, the Asset Management Corporation of Nigeria (AMCON) has officially listed the iconic Silverbird Entertainment Centre in Abuja for sale. The decision, which comes nearly a decade after a court-ordered takeover, is part of a long-standing attempt to recoup a ₦10 billion debt owed by businesses tied to former senator and media entrepreneur, Ben Murray-Bruce.

The property, widely regarded as one of Abuja’s premier leisure and commercial destinations, was once a proud flagship of the Silverbird Group. Situated in the Central Area of the Federal Capital Territory, the entertainment hub includes modern cinemas, upscale retail outlets, restaurants, and expansive office spaces. With over 15,000 square metres of gross lettable area, the building once symbolized the ambition of Nigeria’s growing entertainment sector. Now, it has become the centerpiece of a debt controversy that refuses to fade.

AMCON revealed that the mall is being sold on an “as is” basis, signaling its urgency to dispose of the property without further delay. The agency has intensified its asset disposal strategy in recent years, focusing particularly on politically exposed persons and well-known business figures who remain on its list of delinquent debtors. The case of Ben Murray-Bruce, with his celebrity status and vast media footprint, has inevitably drawn public interest and scrutiny.

The root of the matter dates back to June 2016, when Justice C.M.A. Olatoregun of the Federal High Court gave AMCON the green light to take over assets linked to companies owned by the Murray-Bruce family. The ruling came after the corporation filed a suit against three entities—Silverbird Productions Limited, Silverbird Showtime Limited, and Silverbird Galleria Limited—for defaulting on substantial credit obligations. The court appointed M.A. Banire (SAN) as the receiver and firmly barred Ben Murray-Bruce, alongside his brothers Roy and Guy Murray-Bruce, from tampering with any of the identified assets.

The list of affected properties spans multiple cities, including prime real estate in Lagos, Abuja, and Port Harcourt. Yet, the Silverbird Entertainment Centre in Abuja has remained the most visible and symbolic target of AMCON’s efforts. With its towering glass façade and prime location, the property served not only as a business venture but also as a statement piece in Ben Murray-Bruce’s legacy as a pioneer of modern entertainment in Nigeria.

While the court's 2016 ruling had effectively placed the mall under AMCON’s control, the actual process of listing it for sale signals a turning point. After years of legal wrangling, failed negotiations, and alleged attempts to stall the process, the government agency appears determined to close this chapter by auctioning off the asset and applying proceeds toward the ballooning national debt profile.

As of 2017, AMCON disclosed that over 400 individuals and organizations were responsible for ₦4.5 trillion in debts, representing nearly 80% of its entire outstanding portfolio. Many of these debtors are high-ranking politicians, businessmen, and corporate executives who obtained loans from banks that were later absorbed by the government following the 2008–2010 financial crisis. AMCON was established in 2010 specifically to stabilize the banking sector by purchasing bad loans. However, the effort has transformed into a complex web of asset seizures, court battles, and public confrontations.

Ben Murray-Bruce’s case has become a poster child for the challenges AMCON faces. Despite his charismatic public persona, often punctuated by his famous mantra "common sense," the financial crisis within the Silverbird empire has cast a long shadow over his brand. Once hailed as an innovator who revolutionized the cinema experience in Nigeria and gave a global face to Nigerian pageantry through the MBGN contest, his silence on the matter has left many wondering whether a once-celebrated empire is crumbling beyond repair.

Observers argue that the situation is a cautionary tale about the perils of mixing politics, media influence, and business expansion without sound financial planning. While the glamour surrounding the Silverbird name endured for years, especially during Ben Murray-Bruce’s time in the Senate representing Bayelsa East from 2015 to 2019, the foundation appears to have been financially shaky for much longer. With multiple subsidiaries owing billions to the government, the question arises: how did such a massive debt accumulate unnoticed until the crisis reached court?

For AMCON, the matter is not just about recovering ₦10 billion but about setting a precedent. Its current leadership has made it clear that high-profile names and public sympathy will not deter the agency from enforcing legal consequences. The agency’s aggressive posture signals that the days of elite impunity over unpaid debts may be numbered, especially with increasing pressure from financial oversight bodies and the public demanding accountability.

At the time of reporting, Ben Murray-Bruce had yet to issue any statement regarding the sale, continuing a pattern of silence that began with the initial court order in 2016. Sources close to the former senator suggest that private negotiations had previously taken place to resolve the debt, but these efforts appear to have failed. Whether due to stalled payments, disagreement over asset valuations, or sheer political fatigue, the outcome is now public and irreversible—the Silverbird mall in Abuja is on the market, and the curtain may finally be closing on a chapter of Nigerian business history defined by ambition, glamour, and financial overreach.

As the listing process progresses, all eyes remain on AMCON and whether the sale of the mall will yield sufficient proceeds to make a dent in the Murray-Bruce family’s debt. More importantly, Nigerians are watching to see if this move will be followed by similar actions against other high-profile defaulters, many of whom remain shielded by status or silence. For now, the iconic blue and glass Silverbird Centre in Abuja stands not as a beacon of entertainment, but as a stark reminder that even the loudest voices in the room can one day be forced to pay their dues.