Asset Management Corporation of Nigeria has seized multi-billion naira properties of its debtors in Isheri, Ogun State,along the Lagos/Ibadan Expressway.
The properties seized due to failure to pay N9.8bn debt included several buildings and Fagbems Petrol Station sitting on 30 hectares of prime land near OPIC Estates.
The debtors, according to a suit marked: FHC/L/CS/537/2020, are Knight Rook Limited (under AMCON Receivership), Fibigboye Estates Limited and Grant Properties Limited.
AMCON’s representative, Adedeji Aniyikaye-Quadri, said the move followed a June 18, 2020 ex parte order granted in the corporation’s favour by Justice Saliu Saidu of the Federal High Court, Lagos.
Aniyikaye-Quadri said AMCON executed the judgement following the respondents’ failure to settle the debt after losing at the Court of Appeal.
He said: “The land is about 30 hectares and we are executing the order now. The order is permanent and it includes everything fixed on the land – buildings, a filling station.
“The debtors appealed the Federal High Court judgement at the Court of Appeal, but the appeal was in AMCON’s favour. Sequel to that judgement is why this order was needed, because the defendants, even after the Appeal Court verdict, refused to offset the debt.
“There is no pending appeal at the Supreme Court.”
For the satisfaction of the N9,866,510,191 debt, the order attached the respondents’ properties delineated on Survey Plan No. LC10320G of July 30, 2004.