AMCON forecloses N1bn Seriki’s assets over debt

Former Minister of State for Defence Ademola Seriki has had his assets taken over by Asset Management Corporation of Nigeria over the non payment of his non performing bank loans. AMCON in a statement said it has carried out the order of the Federal High Court, Lagos, to take over two choice properties belonging to Ademola Seriki. The dispute between Seriki and AMCON had lingered for some time over debt valued at almost N1 billion before the matter was brought the court for settlement and Seriki’s non-performing loans obligation was sold to the AMCON by the defunct Oceanic and Skye Banks.

Several attempts by the corporation to explore a peaceful resolution of the outstanding obligation failed. “When all efforts to amicably resolve the loan was frustrated by the former minister and a prominent member of the ruling All Progressive Congress (APC), the corporation was left with no other choice than to defer the matter to court,” AMCON said in a statement by its spokesperson, Jude Nwauzor. Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain

After a review of the claims and counter-claims by the legal counsels representing all the parties, the court presided by Justice Chuka Austine Obiozor ordered AMCON to take over the two properties located in Lagos and Abuja. Pursuant to the court order, the AMCON, through Oak Partners, who works for the corporation as one of its Asset Management Partners (AMPs) said on Monday it took custody of the two properties. AMCON said it also received protective orders from the court to take possession of the properties. The corporation said the two properties include those located at No. 1A & 1B, Jalupon Close, Surulere, Lagos, and the other at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.