Controversy stirs in Abuja property as AMCON takes over Sigma apartments

Much of Abuja property market has continued to fizz after Hon. Justice B.F.M. Nyako of the Federal High Court Abuja Division granted an order for Asset Management Corporation of Nigeria (AMCON) to take over Sigma Apartments owned by Sigma Engineering & Construction Limited.

Property watchers say the development may stir the market over expectations that more properties may be seized in similar fashion.

“There are significant interests already on the matter approaching AMCON, said a player in the Abuja industry.

Sigma Apartment is promoted by Saidu Samaila Balarabe Sambawa, a former Minister of Sports and Social Development.

In a statement by AMCON, the order came on the application of Asset Management Corporation of Nigeria after the corporation had exhausted all avenues of peaceful resolution with the obligor regarding the huge debt, but was left with no other choice.

The promoter of Sigma Apartments and his directors have had running battles with Asset Management Corporation of Nigeria over their inability to settle the huge debt of over N1 billion.

Despite overtures and efforts made by AMCON to reach an amicable settlement terms, the businessman and his co-promoters remained recalcitrant, thus pushing AMCON to seek legal solution to the issue, it was learnt.

Accordingly, the corporation appointed Mr. Babatunde Alabi as the receiver manager to take immediate possession of the expansive property situated at Plot No.1376, Cadastral Zone, A07, Wuse 11, Federal Capital Territory (FCT), Abuja.

Asset Management Corporation of Nigeria under Ahmed Kuru, Managing Director/Chief Executive Officer, has maintained that there will be no sacred cows in its bid to recover the huge debts amounting to N4.8 trillion in the hands of a few Nigerians.

Credit: Independent