AMCON seizes multi billion naira properties in Lagos

The Asset Management Corporation of Nigeria (AMCON) says it has seized several multi billion naira properties in Lagos belonging to 12 alleged debtors who owe the Nigerian government sums running into billions of naira.

While taking journalists around some of the seized properties Friday, Gbenga Dosunmu, AMCON’s receiver-manager’s counsel, said despite government efforts, some of the alleged debtors had refused to liquidate their debts.

The seized properties include Elegant Court on Mobil Road Lekki, housing 12 three-storey blocks of 72 luxury apartments, a tennis court and other facilities on 1.802 hectares and a three-storey shopping complex on Mobil Road, Lekki, whose occupants include three churches – Redeemed Christian Church of God (RCCG), Dominion City, and Living Word Arena.

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

The order also mandates AMCON 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).

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

According to him, the order attached the funds and other assets “of the debtor, its directors, shareholders and guarantors pending the determination of the suit.

Mr Dosunmu said 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.”

“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,” he continued.

“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.”

On 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.

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In addition to Cortex Ltd, the others named in the suit marked FHC/L/CS/521/19, are Succedant Solicitors, Adebimsola Olufunmilade Odunaiya, Olufemi Kehinde Odunaiya, Olushola, Taiwo Odunaiya, Ololade Ososami, and Tolulope Solola.

Others are Akin Thomas, Wole Odubanjo, ASCO Quarry Nigeria Ltd, Basorun Rotimi Obeisun, Bosede Obeisun, Oluwamayowa Ayokunle Obeisun, Murufudeen Olabode Abu, and Kehinde Afeez Abu.

The rest are 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.