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N1 billion Debt: AMCON Takes Over Former Minister’s Assets

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N1 billion Debt: AMCON Takes Over Former Minister’s Assets

N1 billion Debt: AMCON Takes Over Former Minister’s Assets
November 19
06:12 2019

The Asset Management Corporation of Nigeria (AMCON) on Monday said it carried out the order of the Federal High Court, Lagos, to take over two choice properties belonging to Ademola Seriki.

Mr Seriki is a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development.

The dispute between Mr Seriki and AMCON had lingered for some time over debt valued at almost N1 billion before the matter was brought the court for settlement.

Mr Seriki’s non-performing loans obligation was sold to the AMCON by the defunct Oceanic and Skye Banks.

Several attempts by the corporation to explore a peaceful resolution of the outstanding obligation failed.

But the case was eventually brought before the court for settlement.

“When all efforts to amicably resolve the loan was frustrated by the former minister and a prominent member of the ruling All Progressive Congress (APC), the corporation was left with no other choice than to defer the matter to court.

“Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain,” AMCON said in a statement by its spokesperson, Jude Nwauzor.

After a review of the claims and counter-claims by the legal counsels representing all the parties, the court presided by Justice Chuka Austine Obiozor ordered AMCON to take over the two properties located in Lagos and Abuja.

Pursuant to the court order, the AMCON, through Oak Partners, who works for the corporation as one of its Asset Management Partners (AMPs) said on Monday it took custody of the two properties.

AMCON said it also received protective orders from the court to take possession of the properties.

The corporation said the two properties include those located at No. 1A & 1B, Jalupon Close, Surulere, Lagos, and the other at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.

Mr Nwauzor confirmed the taking over of the two properties pursuant to its mandate as directed by the Federal High Court.

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Mujeeb

Mujeeb

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