AMCON disposed N40bn assets to settle N3.15bn debt, companies allege •Ask AMCON to render account of sold assets

Grant Properties Ltd, Knight Rook Limited, Fibigboye Properties Limited and Havilah Villas have alleged that Asset Management Corporation of Nigeria (AMCON) sold N40 billion worth of properties belonging to them to settle N3.15 billion debts.

Consequently, the companies asked AMCON, a public institution empowered to take possession, manage, sell, transfer or assign property used as security for eligible bank assets, to render an account for the sale of the properties seized from them.

They made this call in a recent five-page letter signed by the Managing Director, Grant Properties Limited, Dr Olawunmi Olajide-Awosedo and addressed to AMCON’s Managing Director, Mr. Ahmed Kuru recently.

Olajide-Awosedo, in the letter, said the companies were convinced that the value of the assets recovered from them was in excess of N40 billion, against a principal debt of N3.15 billion.

He said: “We are requesting AMCON to render a fair and transparent account of the assets taken from us, and discharge us from the debt.”

He also requested for a comprehensive statement of the account of the transactions involving properties taken from them.

He said the account would enable the companies to ascertain the value of the assets that have been taken over by AMCON.

He narrated how his father Chief Olajide Awosedo died as a result of the hardship he was subjected to by AMCON and how his widow was evicted while still mourning the death of her husband.

He stated that the responsibility “is ultimately in your hands, as managing director and CEO of AMCON; it is you who must decide if AMCON will continue to pressure us to death, and I beg you to be fair, transparent and compassionate, and bring this unfortunate and tragic experience to an end.”

He said that it has been 3 years since AMCON took over their businesses and assets, during which time several assets had been sold.

A copy of the letter obtained by our correspondent read: “At the time (June 2017), we were informed that the total exposure was N8.1 billion, which included the principal and interest accrued on both the Havilah Villas and Victory Park/Knight Rook accounts.

“We were also told that after adding N400 million in fees for the receiver manager, the total sum required to settle the account was N8.5 billion, we were also informed that AMCON could give a waiver of about N1-1.5 billion on this sum, with approval of the Central Bank of Nigeria (CBN).

“Without prejudice, we immediately indicated that we were willing to settle the account without the waiver, at N8.5bn these are facts.

“Since then we have been quite alarmed on receipt of documents and processes filed by solicitors to AMCON that the alleged debt has grown to over N33 billion, which is quite frightening because the total principal sum borrowed on both loans was N3.15 billion.”

He also expressed concern that AMCON wanted N23 billion for the Knight Rook account, and almost N10 billion for Havilah Villas, saying these are rather bewildering and worrisome claims.

He reminded the AMCON managing director that it was the mandate of the organisation to destroy businesses, or make huge profits like banks, since the corporation is being funded from the public purse.

“We were also assured that AMCON’s mandate is to assist both banks and indebted companies as much as possible. We were assured by several senior members of AMCON management, including yourself, that N8.5 billion is adequate to settle the debt, yet the figures have been arbitrarily increased.

“If the total principal borrowed was less than N3.2 billion, why does AMCON want to destroy our business in order to recover N33 billion, which is more than 10 times what we borrowed?” Olajide-Awosedo asked.

He pleaded with AMCON to treat his companies fairly, recalling that his father died in the course of trying to settle the debts.

Olajide-Awosedo said he had earlier written to AMCON, making a definite proposal to settle the account before the corporation moved against his companies and relatives.

“Since then we have made many offers to settle, which have been ignored”, he added.

He stated that by his companies’ estimation, the total assets taken from them by AMCON since July 16, 2017 were worth in excess of N40 billion, which he said, was more than adequate to settle any debt owed to the corporation.

He lamented the fact that AMCON continued to destroy their assets despite their inspection and valuation of those assets.

The letter read: “You will recall that we requested a valuation before the properties in Victory Park were destroyed and sold. We invited you to note that the 200 terrace houses and recreation park which were destroyed in Victory Park and land, which was sold, were worth more than N12 billion which is far more than the principal sum borrowed from the banks.

“Most recently, we wrote to you after the takeover of Havilah Villas Isheri by AMCON, requesting a joint inspection and valuation of the assets and a report of proceeds recovered thus far.

“To my shock, I drove past the site recently and discovered that AMCON had destroyed the buildings on site, without the said valuation.”

He stated that a week after his father died AMCON sent a large gang to evict his widow and young children and to remove all his furniture and personal effects from his home in his hometown.

He said: “We continue to wonder why AMCON chose to attack us in our darkest hour, and what the corporation stood to gain from removing clothes, shoes and bed sheets belonging to our father, and his wife and children from their home?

“What could the value of these things be when compared to the billions purportedly owned?”

He said despite assurance by AMCON managing director that they would be allowed to mourn and bury their father in peace, AMCON sent thugs to evict two of his sisters and their families from their homes in Lagos even though those evicted had never been staff to shareholders or directors of any of the businesses.

He wondered why AMCON continued to hound the family even though it had recovered for more than the alleged debt, even when accrued interest was accounted for.

He said: “After our father passed, we visited AMCON with elders from our family to settle the account and move on. But AMCON refused to render an account of the billions of naira worth of assets that have been taken from us thus far, or to release us of the debt, having recovered so much from us.

“To date AMCON continues to insist that we owe unfathomable billions, even though the corporation has not provided an account for the billions which have already been taken.

“Indeed AMCON has destroyed or sold most of the assets with which we are expected to settle the account, without any form of transparency. During our meeting we were informed that

“AMCON has recovered over N3.15 billion from the assets, but no report was presented. In fact, we were informed several times that neither AMCON nor its receiver manager has a duty to present a report or render an account – effectively, we were told that we had no right to know what AMCON had done with our assets.” (THISDAY)