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AMCON appropriates ex-Gov. Ahmed property over ₦5b debt

In continuation of its debt recovery drive, the Asset Management Corporation of Nigeria (AMCON), has taken over a property in Ilorin, belonging to a former Governor of Kwara State, Abdulfatah Ahmed, over a staggering debt of about ₦5billion.  

The appropriation followed an order by Hon. Justice A.M. Liman of the Federal High Court, Lagos Division, on Wednesday.

Justice Liman also ordered the freezing of the Bank Accounts of the former governor and his two companies, including Trans Properties and Investment Limited, and Trans It Consulting Limited in Suit No: FHC/L/AMC/01/2021.

Confirming the seizure in a statement, the Corporation described Ahmed as “one of the high-profile obligors of AMCON.”

All efforts to peacefully resolve the loan dispute had been frustrated by the former Governor, who remained recalcitrant, which left AMCON no other choice than to seek justice in court.

In compliance with the court order, AMCON through the Law firm of Robert Ohuoba & Co, one of its leading Asset Management Partners (AMPs), who also received protective orders from the court, immediately took possession of the former Governor’s mansion situated at Abdulfatah Street, GRA, Ilorin, the state capital.

The debt company had taken over the Non-Performing Loans of Ahmed and his companies – Trans Properties and Investment Limited, and Trans It Consulting Limited, from the defunct Intercontinental Bank, FinBank, and Bank PHB during the first phase of the Eligible Bank Asset (EBA) purchases, in line with its mandate under the AMCON Act.

“All efforts to peacefully resolve the loan dispute had been frustrated by the former Governor, who remained recalcitrant, which left AMCON no other choice than to seek justice in court.

“AMCON had to commence asset tracing through its appointed law firm of Robert Ohuoba & Co. on Abdulfatah Ahmed, an exercise which further revealed nine properties of the obligor situated in Kwara, Lagos State, and the Federal Capital territory (FCT), Abuja, which the Corporation has plans to enforce upon.”

The Corporation also explained that its action is in line with Section 49 (1) of the AMCON Act 2019 (As Amended), which states that: Where the Corporation has reasonable cause to believe that a debtor or debtor company is the bona fide 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, and before or after the service of the originating process by which such action is 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.

Other assets belonging to Ahmed, which the Court granted AMCON possession over include: No 13, Alhaji Masha Road, Surulere; No. 9 Wharf, Apapa, Lagos; Plot 3632, Cadastral Zone E27 of Apo, Abuja; Plot 4115, Cadastral Zone F14 of Bazango, Abuja. Also included are properties on 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.

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