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Donald Duke Loses Ikoyi Home Over Alleged N540M Debt

Jayfred Ugo

Jayfred Ugo

An ex parte application has been filed against the former Governor of Cross River State, Donald Duke, by Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa (UBA) over an alleged N537 million debt.

A Federal High Court sitting in Lagos on Wednesday gave permission to the Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa (UBA) to take possession of the 57-year-old politician's Ikoyi, Lagos, property.

The ex-parte application presented to the court was for “An order of interim attachment, possession, and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.” According to claims from AMCON and UBA, the ex-governor mortgaged the property as collateral in securing the loan he acquired.

They urged the court to grant them possession of the property using “Section 49 of the Asset Management Corporation of Nigeria Act 2010 (as amended)" as reference to their plea. They also pleaded with the court for an interim "Mareva Injunction" which means freezing of all funds in the accounts of the former governor.

Justice Chuka Obiozor, who was overseeing the case, granted the prosecution counsel veto power over Duke's property in Ikoyi. He also warned that should Duke try to hamper the applicants’ possession of the Ikoyi property, it would lead to court complications.

The defendant in the suit, Stonehedge Investment Limited, Mr. Donald Duke and Mrs. Owanari Bob-Manuel Duke, were ordered by Judge Obiozor to refrain from “transacting, transferring, changing or howsoever, dealing in any manner in regards to bank funds.”