HomeNEWSKwara: AMCON takes over ex-governor’s mansion over N5 billion debt

Kwara: AMCON takes over ex-governor’s mansion over N5 billion debt

The Asset Management Corporation of Nigeria (AMCON) on Wednesday took over the Ilorin palatial mansion of Alhaji Abdulfatah Ahmed, the former two-time governor of Kwara State over a ₦5 billion debt.

This follows the order of Hon Justice AM 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. 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 situated 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 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 (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 states that: 49 (1)Where the Corporation has reasonable cause to believe that a debtor or debtor company is the bonafide owner of any movable or immovable property, it may apply to the Court, before or at the time of filing of an action for debt recovery or other like action or at any time after the filing of an action, and before or after the service of the originating process by which such action is commenced on the debtor or debtor company, by motion ex-parte for an interlocutory order granting possession of the property to the Corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action,’ Nwauzor stated.

Other assets of the former governor, which the Honourable 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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