The Federal High Court in Lagos has evicted popular comedian Atunyota Akpobome, widely known as Ali Baba, and his company, XQZMOI TV, from a N220 million property on Victoria Island, according to the Tribute Newspaper.
The judge, Ambrose Lewis-Allagoa, delivered the judgment on 31 July, dismissing a suit filed by the Assets Management Corporation of Nigeria (AMCON).
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Mr Lewis-Allagoa ordered that the property at 324A Akin Ogunlewe Street be returned to the family of its late owner and their firm, Harold Expansion Industries Nigeria Limited.
Following the court’s order, the Bailiffs acted on a writ of possession issued by the court on 15 August and enforced execution on 28 August.
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According to a report, the property overlooking the Atlantic Ocean, had served as the studios of Ali Baba’s XQZMOI TV.
How it started
The crisis started in 2008 when AMCON claimed Harold Expansion owed N617 million in loans originally taken from the defunct Bank PHB (now Keystone Bank).
AMCON said it acquired the debt and sold the property to Ali Baba in 2021 to recover N220 million.
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But Harold Expansion, represented by its lawyer, Benjamin Sadibo, denied owing the debt.
The company argued the N129 million facility had been consolidated and restructured in 2009, with repayments deducted directly from its account.
It counterclaimed for a declaration of no indebtedness, reversal of the sale, possession of the property, and N500 million in damages.
Judgement
In his judgment, Mr Lewis-Allagoa held that AMCON failed to prove its case.
The judge noted that the corporation did not tender critical evidence such as the company’s statement of account.
The court ruled that the burden of proof rested on the agency.
On the counterclaim, the judge stressed that AMCON had filed no defence and therefore granted reliefs to Harold Expansion, including repossession of the property.
“Where a defendant counterclaims against a claimant, the latter is duty-bound to file a defence to the counterclaim; otherwise, the court is obliged to assume that the claimant has no defence,” he ruled.
With the latest enforcement, the property has been formally restored to the family after more than a decade-long legal battle.
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About AMCON
AMCON was set up in 2010 under an Act of the National Assembly as a stabilisation tool for the country’s financial system.
The company’s core mandate is to buy up non-performing loans from banks, help recapitalise the sector, and recover outstanding debts owed to financial institutions.
Over the years, AMCON has taken over several distressed companies and pursued recovery of trillions of naira in unpaid loans.
The corporation says its work is essential to freeing banks from toxic assets and restoring economic confidence.
AMCON’s activities have, however, often drawn controversy, with critics questioning some of its debt recovery tactics and asset sales — such as in the Ali Baba property case.
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