1 Billion Debt: AMCON Takes Over Former Minister’s Properties     

Funsho Akinwale

The Asset Management Corporation of Nigeria (AMCON), on Monday, took over two properties belonging to the All Progressives Congress chieftain, Demola Seriki .

The two choice properties are located at No. 1A & 1B, Jalupon Close, Surulere, Lagos, and the other at No. 4, Djibouti Crescent, a highbrow area of Wuse 2, Abuja.

The government agency, led by Dr Muiz Banire, acted on the order of the Federal High Court, Lagos, to take over two choice properties owned by Seriki, who was a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development.

The issue of one billion naira debt between Seriki and AMCON had been on for a long time before the matter was taken to the court for settlement.

Further checks confirmed that the stiff resistance of Seriki in paying up the debt hastened the case going to court.

“When all efforts to amicably resolve the loan was frustrated by the former minister and a prominent member of the ruling All Progressives Congress (APC), the corporation was left with no other choice than to defer the matter to court.

“Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain,” AMCON said in a statement by its spokesperson, Jude Nwauzor.

After a review of the claims and counter-claims by the legal counsels representing all the parties, the court presided by Justice Chuka Austine Obiozor, ordered AMCON to take over the two properties located in Lagos and Abuja.

Happenings Media