N4.7b debt: AMCON siezes multi-billion naira Lagos, Ogun, UK properties

The Asset Management Corporation of Nigeria (AMCON) yesterday took over multi-billion naira properties in Lagos, Ogun and the United Kingdom from three firms and eight others following an alleged N4,680,343,681.47 bank debt.

The assets, including land, houses, cars and generating plants, were seized yesterday morning by AMCON officials in simultaneous operations in Lekki in Lagos, Isheri in Ogun State and the UK in execution of a Lagos Federal High Court order.

Justice Abdulaziz Anka made the order last August 16 in Suit No FHC/AB/CS/69/16 filed by AMCON against 11 respondents including three firms: Havilah Villas Ltd, Grant Properties Ltd and Knight Brook Ltd.

The other respondents are Rev. Olajide Awosedo, Rev. Mrs. Abosede Olajide Awosedo, Engr. Edun Kayode, Arch. Adebayo Kayode, Adaba Anthony, Byoma Andrew and Mfon Adebayo.

The interim order authorised receiver/manager, Lanre Ola oluwa to take possession of the assets pending the determination of the suit.

The properties include 14 hectares of land and buildings at Victory Park Estate, Igbokushu, Lekki; House J1 Olajide Awosedo Avenue, Goshen Beach Estate, Lekki and land at River View Estate, Isheri, Ogun State.

AMCON said it acquired, by a Loan Purchase and Limited Servicing Agreement, the N4.68b non-performing loan that Havilah Villas Limited secured in 2006 from Intercontinental Bank Plc (now Access Bank).

The loan was guaranteed by Grant Properties Limited. AMCON also advanced a further loan of N300,000,000 to Havilah Villas Limited.

The N300 million, which was also allegedly guaranteed by Grant Properties, has also not been settled by the debtors.

The firm then appointed Ola oluwa as receiver/manager and approached the Federal High Court last August 3, in line with the Asset Management Act, 2010 (as amended) and the AMCON Practice Directions over the indebtedness of the debtors.

In granting the interim order, Justice Anka directed AMCON to take over all the assets of the debtors, their directors, shareholders and guarantors pending the determination of suit.

It also restrained the public and all financial institutions from any prejudicial dealings in respect of the properties and other assets of the respondents.
No date has been fixed for hearing of the substantive suit.

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