AMCON seizes multi-billion naira properties in Lagos, Ogun, UK

Ahmed Kuru, MD AMCON

The Asset Management Corporation of Nigeria (AMCON) has taken over multi-billion naira properties in Lagos, Ogun and the United Kingdom from three property firms and eight others following an alleged N4,680,343,681.47 bank debt.

The assets, including land, houses, cars and generating plants, were seized in execution of a Lagos Federal High Court order authorising receiver/manager Lanre Olaoluwa to take possession of the properties pending the determination of a suit before the court.

Justice Abdulaziz Anka made the order in August 16 last year in Suit No FHC/AB/CS/69/16 filed by AMCON against 11 respondents including three firms – Havilah Villas Limited, Grant Properties Limited and Knight Brook Limited.

The other defendants are – Rev. Olajide Awosedo, Rev. Mrs Abosede Olajide Awosedo, Engr. Edun Kayode, Arch. Adebayo Kayode, Adaba Anthony, Byoma Andrew and Mfon Adebayo.

The properties include 14 hectares of land and buildings at Victory Park Estate, Igbokushu, Lekki, House J1 Olajide Awosedo Avenue, Goshen Beach Estate, Lekki and land at River View Estate, Isheri, Ogun State.

According to AMCON, the defendants’ assets in the UK were also taken over by its officials on Friday in a simultaneous execution.

AMCON said it acquired by a Loan Purchase and Limited Servicing Agreement, the N4.68 billion non-performing loan that Havilah Villas Limited secured in 2006 from Intercontinental Bank Plc (now Access Bank).

The loan was guaranteed by Grant Properties Limited. AMCON also advanced a further loan of N300,000,000 to Havilah Villas Limited.

The loan facility, which was also allegedly guaranteed by Grant Properties, has also not been settled by the debtors.

The firm then appointed Olaoluwa as receiver/manager and approached the Federal High Court on August 3 last year in line with the Asset Management Act, 2010 (as amended) and the AMCON Practice Directions over the indebtedness of the debtors.

In granting the interim order, Justice Anka directed AMCON to take over all the assets of the debtors, their directors, shareholders and guarantors pending the determination of the suit.

No date has been fixed for hearing of the substantive suit.


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