The Asset Management Corporation of Nigeria (AMCON) on Monday took over two properties belonging to a former Minister of State for Defence, Ademola Seriki, in Lagos and Abuja over a N1billion debt.
AMCON took the action after securing an on from Justice Chuka Obiozor of the Federal High Court in Lagos.
According to Jude Nwauzor, Head, Corporate Communications, AMCON, the case between AMCON and Seriki, a chieftain of the All Progressives Congress (APC) have been pending before the court for a while before the order was obtained.
Nwauzor noted that ideally, AMCON does not in the first instance resort to the courts except when the obligor defiles all overtures from the corporation for a peaceful resolution of an obligation.
He said “but the case between AMCON and Ademola Seriki eventually ended up in court because all efforts made by AMCON to have the issue resolved peacefully did not yield the desired result.
“Therefore, the corporation pursued justice in court and in compliance to the order of the court of competent jurisdiction, AMCON on Monday through Oak Partners took possession of the said properties.
“The affected properties include one located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.
“The Non-Performing Loans (NPLs) was sold to AMCON by the defunct Oceanic Bank and Skye Bank.
“When all efforts to amicably resolve the loan was allegedly frustrated by the former minister, the corporation was left with no other choice than to defer the matter to court.
“Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain,” Nwauzor revealed.