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HomeBusinessAMCON takes over ex-Kwara Governor, Ahmed property over N5 bln debt

AMCON takes over ex-Kwara Governor, Ahmed property over N5 bln debt

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The Asset Management Corporation of Nigeria (AMCON) on Wednesday  in Ilorin, the Kwara State capital took over the palatial mansion the immediate past governor of Kwara State, Abdulfatah Ahmed over N5 billion indebtedness.

The development follow the ruling of a Lagos Federal High Court, headed by Justice A.M. Liman which 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 a statement by the country’s ‘bad bank’, it said in compliance with the court order, AMCON through the Law firm of Robert Ohuoba of Robert Ohuoba & Co, one of the leading Asset Management Partners (AMPs) of AMCON who also received protective orders from the court, took possession of the mansion belonging to the former Governor situate at Abdulfatah Street, GRA, Ilorin, Kwara State.

According to the Head, Corporate Communications Department of the government debt recovery agency, Jude Nwauzor, the take over and the enforcement of the court order on the property was successful.

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AMCON had taken over the Non-Performing Loans of the former governor and his companies, Trans Properties and Investment Limited and Trans It Consulting Limited, from the former Intercontinental Bank, FinBank and Bank PHB during the first phase of EBA purchases, in line with its mandate under the AMCON Act.

All efforts to peacefully resolve the loan 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 on Ahmed, an exercise, which further revealed nine (9) properties of the obligor situate in Kwara, Lagos State and the Federal Capital territory (FCT), Abuja, which the Corporation has plans to enforce upon.

This action is in line with Section 49 (1) of the AMCON Act 2019 (As Amended), which empowered toe corporation to take over the of any movable or immovable property of a debtor.

Other assets of the former Governor, 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; 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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