AMCON takes over Lagos guest house over debt

Mustasons Guest house [LGT Nigeria]

The Asset Management Corporation of Nigeria, AMCON, Thursday said it has taken over Mustasons Guest House in Lagos.

AMCON said it took over the guest house, located at Ajose Adeogun Street, Victoria Island, Lagos, after securing a federal high court injunction.

A statement released Thursday by Jude Nwauzor, head of corporate communications at AMCON, disclosed that Wushishi and Mustasons Guest House Limited have been in court with AMCON over huge indebtedness of nearly half a billion naira.

According to Mr. Nwauzor, Babs Kuewumi, a justice of the federal high court Lagos division, via the court order, restrained Mustapha Wushishi, the promoter of Mustasons Guest House Limited, from the
assets and properties of the guest house.

He added that Mr. Wushishi was also prevented from accessing another property situated at Plot 1111B, Amichi Close, Victoria Island, Lagos.

The statement said that the presiding judge, while granting the order on the application of Idowu Ibrahim, counsel to AMCON, “restrained Mustasons Guest House Limited and Wushishi, their directors, staff, management, employers, agents, officers, privies or any other person or group of persons whatsoever under the respondents’ authority or any other authority (however derived or sourced) from tampering with, selling, leasing, removing from the jurisdiction of the court or dealing in whatsoever manner with the respondents’ assets/properties situate at Mustasons Guest House Plot 91, Ajose Adeogun Street, Victoria Island Lagos and Plot 1111B, Amichi Close, Victoria Island respectively owned by the respondents”.

“The court therefore granted AMCON (claimant/applicant) the powers to take possession of the assets/properties of Mustasons Guest House Limited and Wushishi as listed in the order paper,” the statement noted.

Commenting further, the statement said, “Justice Kuewumi also ordered the freezing of all the identifiable and/or traceable accounts of the respondents either current, savings, fixed deposit, domiciliary, howsoever tagged with various banks and financial institutions both in Nigeria and abroad and a consequential order, mandating all the banks and financial institutions to furnish AMCON (through its solicitors) details of the respondent’s accounts domiciled with them within seven days of the service of the court order.”

The AMCON spokesperson, however, said that having exhausted all avenues of peaceful resolution, there was no other option available to the agency than to commence enforcement action against Mustasons Guest House Limited and its promoter as provided under Section 49-52 of the AMCON Act.

In February, AMCON took over Odengene Air-Shuttle Services (OAS) Helicopters in Lagos following a court order, few days after taking over Arik Air, Nigeria’s largest airline.

Earlier in 2016, AMCON took over Aero Contractors and the airline is currently not doing well after the take-over.

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