N8.4bn debt: AMCON seizes 72 luxury flats, shopping complex, lands

By ROBERT EGBE

The Asset Management Corporation of Nigeria (AMCON) Friday moved against 12 debtors owing the Federal Government N8.4billion by seizing their multi-billion naira properties across Lagos.

The operation, which lasted hours, took place simultaneously in Lekki, Apapa, Ikeja, Somolu and Kosofe areas of Lagos.

The affected properties are: Elegant Court on Mobil Road Lekki. It houses 12 three-storey blocks of 72 luxury apartments, a tennis court and other facilities on 1.802 hectares.

A three-storey shopping complex on Mobil Road, Lekki, was also sealed.

Its occupants including three churches –Redeemed Christian Church of God (RCCG), Dominion City and Living Word Arena – were also affected.

AMCON is also mandated to recover land measuring 1668.740 square metres along Kirikiri Road, Olodi Apapa, land measuring 4939.122 square metres on 98 Kudirat Abiola Way, Oregun, lkeja and land at No. 21, Adaranijo Street, Bariga, Somolu.

Others are: a property at No. 1 Cortex Drive, off Kosofe Street, Ketu; a property at 2, Hilton Close, Off Allen Avenue, Ikeja and another at 24, Medoyin Street, Kosofe, Ketu (Cortex House).

AMCON enforcement units and sheriffs of the Federal High Court protected by policemen sealed up the properties in execution of an April 11, 2019 order of Justice Rilwan Aikawa.

AMCON receiver manager’s counsel, Gbenga Dosunmu, said the debtors had refused to liquidate their debts despite all efforts and consultations to get them to do so.

He said in addition to the pending action, AMCON also appointed a Receiver/Manager, Mr Lanre Olaoluwa, to run Cortex Ltd’s operations.

The order further attached the funds and other assets “of the debtor, its directors, shareholders and guarantors pending the determination of the Suit, Dosunmu said.

He explained that the properties were “bank eligible assets of Cortex Nigeria Ltd” and the court order permitted AMCON to “move into the properties and recover the assets.”

Dosunmu said: “AMCON is moving in as a result of the fact that Cortex is indebted to one of the bank to the tune of about N8.4billion. This bank loan still stands unpaid till date.

“AMCON naturally bought the loans and, of course, AMCON went to court and obtained court orders to move into some of the assets, to try to see how we can liquidate the facility.”

As to the fate of tenants of the properties and others who may have bought from the debtors, the lawyer said “it is unfortunate, but the law must take its course”.

He advised them to approach AMCON and seek to ratify their title.

Aside from Cortex Ltd, the others named in the suit marked FHC/L/CS/521/19, are: a law firm, Succedant Solicitors, Evang. (Mrs) Adebimsola Olufunmilade Odunaiya, Mr. Olufemi Kehinde Odunaiya, Dr (Mrs) Olushola, Taiwo Odunaiya Mrs Ololade Ososami, and Dr (Mrs) Tolulope Solola, Mr Akin Thomas, Mr Wole Odubanjo, ASCO Quarry Nigeria Ltd, Basorun Rotimi Obeisun, Chief (Mrs) Bosede Obeisun, Mr Oluwamayowa Ayokunle Obeisun, Murufudeen Olabode Abu, Kehinde Afeez Abu, Abdullahi Kamar, Juliet Kesiena David, Adeyemi Olufunmilade Adekoya, Olufunmilade Moses Adeyemi, Sani Fatima Dabai, and Michael Ayodele Ewuosho.

Last August, the Federal Government inaugurated an inter-agency committee to recover the N5 trillion debts owed AMCON. (The Nation)