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Kanu Nwankwo in debt mess

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Kanu Nwankwo in debt mess

Kanu Nwankwo in debt mess
December 12
18:52 2015

A debt never decomposes, even if it gathers moulds, it glimmers as a freshly forged scythe that cuts both ways, particularly if mishandled. This brutal truth has finally dawned on Nwankwo Kanu. The ex-Super Eagles star, philanthropist and businessman recently experienced a rude nudge as a Lagos High Court ordered that, all accounts belonging to him should be frozen over an unpaid loan, which is now running close to $5 million dollars (more than N924m).

The court’s ruling followed a suit filed by Skye Bank against Kanu and his business partners over a credit facility for a hotel business in Lagos between May 2008 and January 2011. The bank through their lawyers, alleged that Kanu’s company failed to refund the loan, which has since accrued a hefty interest. Consequently, all the assets of the highbrow hotel located on Victoria Island, Lagos, are to be taken up by the Asset Management Corporation of Nigeria (AMCON) in the interim, according to presiding judge, Okon Abang. Whatever the eventual outcome of the conflict, Kanu and every other ambitious entrepreneur will do themselves a great deal of good by being guided in their future dealings by the maxim that, whoever founds an empire solely on debts and interests sets himself up for sorrow and heartache, in the long run.

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Mujeeb

Mujeeb

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