October 21, 2021


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AMCON takes over ex-Kwara Governor’s mansion over N5bn debt

From Uche Usim, Abuja

The Asset Management Corporation of Nigeria (AMCON) on Wednesday took over the Ilorin palatial mansion of Alhaji Abdulfatah Ahmed, the former governor of Kwara State over a N5billion debt. 

This followed the order of Justice A.M. Liman of the Federal High Court, Lagos Division.

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. The former governor, who is one of the founders of the newly established third force in Nigerian politics known as the Rescue Nigeria Project (RNP), is one of the high-profile obligors of AMCON. Despite holding one of the highly exalted political offices in the land, he remained recalcitrant over the repayment of his obligation. 

AMCON, in compliance with the court order 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. 

Mr Jude Nwauzor, Head, Corporate Communications Department of the government debt recovery agency, confirmed the story via a release. He described the enforcement as successful. 

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 with 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 situate in Kwara, Lagos 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 states that: 49 (1)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.

The post AMCON takes over ex-Kwara Governor’s mansion over N5bn debt appeared first on The Sun Nigeria.

Source: news