AMCON takes over multi-billion naira properties over alleged indebtedness

The Asset Management Corporation of Nigeria (AMCON) has taken over multi-billion naira properties in Lagos, Ogun and the United Kingdom, following an alleged N4,680,343,681 bank debt.

The assets, including land, houses, cars and generating plants, were seized on Friday by AMCON officials simultaneously in Lekki area of Lagos State, Isheri area of Ogun State and the United Kingdom (UK), in execution of an order of a Federal High Court, Lagos.

Justice Abdulaziz Anka had made the order for the take over of the properties since August 2016 in Suit No FHC/AB/CS/69/16 filed by AMCON against 11 respondents, including three firms, but was only executed on Friday. The respondent firms are Havilah Villas Ltd, Grant Properties Ltd and Knight Brook Ltd.

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.

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.