The case between AMCON and Seriki, a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development has lingered for a while with the bad bank waiting for the obligor to pay up.
In a statement yesterday, AMCON said it does not in the first instance resort to the courts except when an obligor repudiates all overtures from it for a peaceful resolution of an obligation.
“But the case between AMCON vs 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 to the order of the court of competent jurisdiction, AMCON on Monday through Oak Partners, who works for the Corporation as one of the Asset Management Partners (AMPs) having also received protective orders from the court, took possession of the said properties belonging to the former minister.” It said.
The affected properties include one located at No. 1a & 1b, Jalupon Close, Surulere, Lagos and another at No. 4, Djibouti Crescent, a high-brow area of Wuse 2, Abuja.
The minister’s Non-Performing Loans (NPLs) was sold to AMCON by defunct Oceanic Bank and Skye Bank. When all efforts to amicably resolve the loan the former minister and a prominent member of the ruling All Progressive Congress (APC) failed, the Corporation said it was left with no other choice than to refer the matter to court. Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain. The bad bank said.
Jude Nwauzor, Head, Corporate Communications, AMCON, confirmed that earlier yesterday it carried out the order as directed by the Federal High Court.
NAN
