Alleged N4.7b Debt: AMCON Seizes Multi-billion Naira Properties in Lagos, Ogun, UK

Multi-billion naira properties belonging three property firms and eight others were yesterday, seized by the Asset Management Corporation of Nigeria (AMCON) following an alleged N4, 680,343,681.47 bank debts.

The properties located in Lagos, Ogun and the United Kingdom, which include land, houses, cars and generating plants, were seized in execution of a Lagos Federal High Court order authorising receiver/manager, Mr. Lanre Olaoluwa to take possession pending the determination of the suit.

Justice Abdulaziz Anka had in a suit filed by AMCON against 11 respondents including three firms, Havilah Villas Ltd, Grant Properties Ltd and Knight Brook Ltd ordered that AMCON take over the properties.

Other defendants in the suit with No FHC/AB/CS/69/16 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, its officials yesterday in a simultaneous execution also possessed the defendants’ assets in the UK.

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

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, had 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.

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 suit.  

No date has been fixed for hearing of the substantive suit.

CREDIT: THISDAY