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19 Jun 2017

N4.7b Bank Debt: AMCON Takes Over Multi-Billion Naira UK, Lekki, Ijebu-ode Estates

The Asset Management Corporation of Nigeria (AMCON) yesterday on an order of a Federal High Court seized multi-billion naira properties in Lagos, Ogun and United Kingdom from three property firms and eight others following an alleged N4,680,343,681.47 bank debt
The assets, including land, houses, cars and generating plants, were seized in execution of an order granted by Justice Abdulaziz Anka authorising receiver/ manager Lanre Olaoluwa to take possession pending the determination of the suit.
Justice Anka had made the order in Suit No FHC/AB/CS/69/16 filed by AMCON against 11 respondents including three firms: Havilah Villas Ltd, Grant Properties Ltd and Knight Brook Ltd.
The other defendants 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, the defendants’ assets in the UK were also affected by the interim order.
AMCON had acquired the N4.68b non-performing loan that Havilah Villas Limited secured in 2006 from Intercontinental Bank Plc (now Access Bank), by a Loan Purchase and Limited Servicing Agreement.
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, has 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 last August 16, Justice Anka directed AMCON to take over all the assets of the debtors, their directors, shareholders and guarantors pending the determination of suit.
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