Business - Business & Economy - Labour Business - News - September 22, 2021

₦5bn debt: AMCON takes over Kwara ex-gov’s mansion, other assets

MEDIATRACNET

The Asset Management Corporation of Nigeria (AMCON) on Wednesday took over the palatial mansion of the former two-time governor of Kwara State, Abdulfatah Ahmed, in Ilorin, the State capital.

The takeover of the property followed the order of Justice A.M. Liman of the Federal High Court, Lagos  in Suit No: FHC/L/AMC/01/2021  filed by AMCON over a ₦5billion debt.

Also, Justice Liman ordered the freezing of the bank accounts of the former governor and his two companies, Trans Properties and Investment Limited and Trans IT Consulting Limited.

AMCON, through the Law firm of Chief Robert Ohuoba of Robert Ohuoba & Co, one of its leading Asset Management Partners (AMPs) took possession of the mansion located along Abdulfatah Street in the Government Reserve Area (GRA) of the State capital.

The takeover of the mansion was pursuant to the court protective orders received by the law firm as part of efforts to recover the debt.

AMCON spokesperson, Jude Nwauzor, said the asset management agency took over the non-performing loans of the former governor and his two companies from the defunct Intercontinental Bank, FinBank and Bank PHB during the first phase of EBA purchases, in line with its mandate under the AMCON Act.

Nwauzor said all efforts by AMCON to resolve the loan issue were effectively frustrated by the former Governor who remained recalcitrant and uncooperative.

“The former governor is said to be one of the founders of the newly formed Third Force in Nigerian politics called the Rescue Nigeria Project (RNP).
” Yet, he remains one of the high-profile obligors of AMCON.

“Despite holding one of the highly exalted political offices in the land, he remained recalcitrant over the repayment of his obligation.

In the face of the frustration by ths former governor, AMCON had no other choice than to seek justice in court,” Nwauzor said.

He said AMCON asset tracing exercise carried out through its appointed law firm of Robert Ohuoba & Co. on Abdulfatah Ahmed’s properties further uncovered nine properties in Kwara and Lagos States as well as the Federal Capital territory (FCT), Abuja, which the Corporation plans to take over in future.

Properties belonging to the former Governor, for which the Court granted AMCON leave to possession of include those located at No 13, Alhaji Masha Road, Surulere, Lagos; No. 9 Wharf Road, Apapa, Lagos; Plot 3632, Cadastral Zone E27 of Apo, Abuja; Plot 4115, Cadastral Zone F14 of Bazango, Abuja; Plot 8502, Cadastral Zone E31 of Carraway Dallas, Abuja; Plot 494, Cadastral Zone E31 of Carraway Dallas, Abuja; Plot 719, Cadastral Zone E23 of Kyami, Abuja; and any other landed property in any place that may be found within the Federal Republic of Nigeria.

The AMCON spokesperson said the authority to take over the assets was in line with Section 49 (1) of the AMCON Act 2019 (As Amended), which provides that: “Where the Corporation has reasonable cause to believe that a debtor or debtor company is the bonafide owner of any movable or immovable property, it may apply to the Court, before or at the time of filing of action, for debt recovery or other like action, or at any time after the filing of action.

Besides, before or after the service of the originating process has commenced on the debtor or debtor company, by motion ex-parte for an interlocutory order granting possession of the property to the Corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action.

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