19 June 2017

Nigeria: N4.7 Billion Debt - Amcon Takes Over Properties in UK, Lekki, Ijebu-Ode Estates

Lagos — The Asset Management Corporation of Nigeria (AMCON) yesterday on an order of a Federal High Court seized multi-billion naira properties in Lagos, Ogun and 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 an order granted by Justice Abdulaziz Anka authorising receiver/ manager Lanre Olaoluwa to take possession pending the determination of the suit.

Justice Anka had made the order in Suit No FHC/AB/CS/69/16 filed by AMCON against 11 respondents including three firms: Havilah Villas Ltd, Grant Properties Ltd and Knight Brook Ltd.

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 affected by the interim order.

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

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 last August 3, in line with the Asset Management Act, 2010 (as amended) and the AMCON Practice Directions over the indebtedness of the debtors.

Nigeria

Nigerians Express Divergent Views As Buhari's Medical Vacation Reaches 50 Days

Nigerians have expressed divergent views about President Muhammadu Buhari's indefinite stay abroad. Read more »

Copyright © 2017 Leadership. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 900 reports a day from more than 150 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.