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N1BN DEBT: AMCON takes over former Minister, Ademola Seriki’s assets

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N1BN DEBT: AMCON takes over former minister’s assets

The Asset Management Corporation of Nigeria (AMCON) on Monday revealed that it has taken over two choice properties belonging to a former Supervising Minister for Mines and Steel Development, Ademola Seriki.

This was in execution of the order by Justice Chuka Austine Obiozor of the Federal High Court, Lagos.

The dispute between Mr Seriki and AMCON had lingered for some time over debt valued at almost N1 billion before the matter was brought the court for settlement.

Seriki’s non-performing loans obligation was sold to the AMCON by the defunct Oceanic and Skye Banks. Several attempts by the corporation to explore a peaceful resolution of the outstanding obligation failed.

But the case was eventually brought before the court for settlement.

AMCON in a statement by its spokesperson, Jude Nwauzor, said: “When all efforts to amicably resolve the loan was frustrated by the former minister and a prominent member of the ruling All Progressive Congress (APC), the corporation was left with no other choice than to defer the matter to court.

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“Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain.”

Pursuant to the court order, the AMCON, through Oak Partners, who works for the corporation as one of its Asset Management Partners (AMPs) said on Monday it took custody of the two properties.

AMCON said it also received protective orders from the court to take possession of the properties.

The corporation said the two properties include those located at No. 1A & 1B, Jalupon Close, Surulere, Lagos, and the other at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.

Mr Nwauzor confirmed the taking over of the two properties pursuant to its mandate as directed by the Federal High Court.

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