N1bn debt: AMCON takes over ex-minister, Demola Seriki’s assets

The Asset Management Corporation of Nigeria has taken over two properties belonging to Ademola Seriki, in Lagos and Abuja, over an outstanding indebtedness of nearly N1bn. This is sequel to the order of Justice Chuka Austine Obiozor of a Federal High Court in Lagos.

The case between AMCON and Seriki, who was a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development, had lingered for awhile. AMCON said in a statement that it did not in the first instance resort to the court except when the obligor defiled all overtures from the corporation for a peaceful resolution of an obligation.

It stated, “But the case between AMCON and Ademola Seriki eventually ended up in court because all efforts made by AMCON to have the issue resolved peacefully did not yield the desired result. “Therefore, the corporation pursued justice in court and in compliance with the order of the court of competent jurisdiction, AMCON on Monday through Oak Partners, who works for the corporation as one of its partners, having also received protective orders from the court, took possession of the said properties belonging to the former minister.

“The affected properties are those located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a highbrow area of Wuse 2, Abuja.”

It added that the non-performing loans of Ademola Seriki were sold to AMCON by the defunct Oceanic Bank and Skye Bank. The corporation stressed that when all efforts to amicably resolve the loans were frustrated by the former minister, prominent member of the ruling All Progressive Congress, it was left with no other choice than to refer the matter to the court.

Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain. Head of Corporate Communications, AMCON, Jude Nwauzor, confirmed that corporation on Monday carried out the order as directed by the court. Punch