Music Business

AMCON Seizes Assets of Ben Bruce’s Silverbird Group Over Alleged 38Million Dollars Unpaid Debt

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Last week, the financial health of Silverbird Group, one of Nigeria’s largest multi-media companies, became the center of attention after The Asset Management Corporation of Nigeria (AMCON) seized assets of the company over an alleged unpaid debt of 11billion naira (38million dollars according to CCTV) owed to Union Bank.

According to the Silverbird Group website, ” Silverbird Group is a diversified multi-media company with holdings in Radio, Television, Real Estate, and Cinemas. Mr. Ben Murray-Bruce, a renowned businessman, politician, public figure and advocate for the people, founded Silverbird Group in 1980, and the company is today one of the largest media entertainment companies in Africa.”

Ben Bruce, who is also a senator and his siblings who co-own the business, have since responded and claim they are working things out and hope to return to normal, soon.

From my view, business is tough whether you are a startup or an established company raking in millions in revenue. In fact, one thing I quickly learnt over a decade ago when I began working as a journalist is that all that glitters is often not gold. Seemingly wealthy individuals and companies consistently struggle to stay profitable. You just don’t know because they don’t have reason to broadcast their financial health to the world. Therefore, it is always important to value what you have, water your own grass and don’t make assumptions about the wealth or certainty of wealth of others.

I wish the Bruce brothers a positive and quick turn around in resolving their debt issues. The brothers employ many Nigerian citizens, and have been influential in the positive branding of Nigeria and its citizens globally.

-Ms. Uduak

Court Order Granting AMCON Power to Seize Silverbird Group’s Assets

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Africa Music Law™

AFRICA MUSIC LAW™ (AML) is a pioneering music business and entertainment law website and podcast show empowering the African artist and Africa's rapidly evolving entertainment industry through brilliant music business and entertainment law commentary and analysis, industry news, and exclusive interviews.

For general inquiries, advertising, licensing, or to appear on the show as a guest, please email (info@africamusiclaw.com). Thank you for visiting.

ABOUT THE FOUNDER

Credited for several firsts in the fashion and entertainment industry, Uduak Oduok (Ms. Uduak) is a fashion and entertainment lawyer, speaker, visionary, gamechanger, trailblazer, and recognized thought leader, for her work on Africa’s emerging global fashion and entertainment markets, and the niche practice of fashion law in the United States. She is also the founder of ‘Africa Music Law,’ an industry go-to music business and law blog and podcast show empowering African artists. Her work in the creative and legal industries has earned her numerous awards and recognitions, including an award from the American University Washington College of Law for her “legal impact in the field of intellectual property in Africa." She has also taught as an Adjunct Professor at several institutions in the United States. For more information, visit her at https://msuduak.com.

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