Demola Seriki’s assets taken over by AMCON over N1bn debt

Demola Seriki’s assets taken over by AMCON over N1bn debt

Tuesday, November 19, 2019 12:04 pm


Ademola Seriki

The assets of Ademola Seriki, a former Minister of State for Defence and one time Supervising Minister for Mines and Steel Development are to be taken over by Asset Management Corporation of Nigeria (AMCON). This came as a result of an order of the Federal High Court, Lagos, to take over his two choice properties,  located at No. 1A and 1B, Jalupon Close, Surulere, Lagos, and the other at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.

The bone of contention between Mr Seriki and AMCON is over a debt valued at almost N1 billion before the matter was brought to the court for settlement.

The non-performing loans obligation was, according to media reports, 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.”

The matter, given its intractable nature, was dragged to court.

“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 take the matter to court.

“Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain,” AMCON said in a statement by its spokesperson, Jude Nwauzor.

The court presided by Justice Chuka Austine Obiozor, after lawyer’s to the two parties had argued their parts, ordered AMCON to take over the two properties located in Lagos and Abuja. Ayo Ajayi is AMCON’s lawyer on this matter.

Thereafter, AMCON, through Oak Partners, that 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.

Mr Nwauzor confirmed the taking over of the two properties pursuant to its mandate as directed by the Federal High Court.

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