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Tag Archives: AMCON

N537m debt: Court orders forfeiture of Donald Duke’s property

Donald Duke

The Federal High Court in Lagos has ordered the Asset Management Corporation of Nigeria and United Bank for Africa to take over an Ikoyi, Lagos property of a former governor of Cross River State, Mr Donald Duke, over an alleged debt of N537,334,360.77. The court made the takeover order in an August 8, 2019 ruling by Justice Chuka Obiozor. The ...

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Lagos residents wail over planned forceful eviction

residents

Over 300 residents/families of Victory Park Estate sitting on about 33 hectares of land in Osapa London, along Lekki-Epe Expressway, Lagos have called on President Muhammadu Buhari to intervene over plans to evict them from their properties. Speaking with journalists in Lagos, their solicitor, Mr. Benjamin Atebe urged Buhari to call concerned authorities to order, as they had brought upon ...

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Lagos residents cry out over forceful eviction by AMCON

AMCON

Over three hundred residents/families of Victory Park Estate sitting on about thirty-three Hectares of land located in Osapa London along Lekki-Epe Expressway have raised the alarm over move by the Asset Management Corporation of Nigeria (AMCON to forcefully evict them from their properties. Speaking with journalists on behalf of the residents in Lagos, Mr. Benjamin Atebe, a lawyer, urged the ...

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NASS passes bill on Public Property, five others

public property

The Senate on Thursday concurred to the House of Representatives Bill on Recovery of Public Property (Special Provisions)(Repeal) Bill, 2019. This followed the presentation of the bill by Senate Leader, Senator Ahmad Lawan at plenary. The bill seeks to review provisions for investigation of assets of any public officer alleged to have been engaged in corrupt practices, unjust enrichment of ...

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Court orders freezing of firm’s accounts over N4.2bn debt to AMCON

AMCON

Justice Chuka Obiozor of the Federal High Court in Lagos yesterday placed a No Debit Order on the bank accounts of a limited liability company, Al Kahf Limited, over alleged indebtedness of N4.282, 918, 018,43 billion to the Asset Management Corporation of Nigeria (AMCON). Justice Obiozor also ordered the company, its servants, agents, officers, directors, shareholders, employees, creditors, assigns, tenants, ...

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Osinbajo churns out warning to AMCON debtors

AMCON

Vice President Yemi Osinbajo, at the weekend, said the federal government will deal decisively with individuals and organisations that made the list of high-profile obligors of Asset Management Corporation of Nigeria (AMCON). He said the debtors have made it impossible for the corporation to resolve its outstanding N5trillion debt, thereby holding the entire country to ransom with their bad behaviour. ...

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Kanu Nwankwo raises alarm over alleged illegal forfeiture of his hotel

Kanu Nwankwo

Former Super Eagles’ captain, Kanu Nwankwo is currently a sad man. Yesterday in Victoria Island, Lagos, the former Arsenal of England striker almost broke down in tears following the realisation that some people are bent on taking over his hotel. The hotel, Hardley Apartment, is subject of a court case over an alleged unrepaid bank loan. A disillusioned Kanu told ...

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Chief justice of Nigeria discusses recovery strategy for AMCON N5.4 trillion debts

Nigeria

The Chief Justice of Nigeria, Walter Onnoghen, and the President of the Court of Appeal, Zainab Bulkachuwa, said the Asset Management Corporation of Nigeria (AMCON) can leverage the alternative dispute resolution (ADR) infrastructure in courts in its debt recovery mandate. The two justices’ spoke on Monday in Abuja at the interactive session between Justices of Supreme Court; Court of Appeal, ...

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