Union Homes battles AMCON over seized property

Asset Management Corporation of Nigeria (AMCON) is battling Union Home over property allegedly belonging to former minister of aviation, Senator Stella Oduah-Ogiemwonyi.AMCON has through a court order seized several property belonging to companies Sea Petroleum Oil and Gas Group Limited and placed under receivership.

The property in question are E29 and ‪31E Fat Oboh street‬ Millennium Homes, Oniru Private Estate Lagos as well as F3B, F4A, F4B, F5A, F5B SPG Road, Millennium Estate, Oniru Lekki Lagos State.They form part of the assets of Sea Petroleum Oil and Gas Group Limited seized by AMCON after an interim order by a Federal High Court, Lagos.

In the suit filed at the Federal High Court, Lagos , AMCON is seeking to recover a ₦20 billion debt allegedly owed by Star Petroleum. It had purchased the Eligible Bank Assets (EBAs) of Sea Petroleum & Gas Limited from Union Bank Plc sometime in 2012. It therefore secured an injunction freezing the accounts of Sea Petroleum & Gas Limited everywhere in Nigeria.

The court order also authorized AMCON and its receiver, Moyosore Jubril Onigbanjo, to take over all assets pledged as collateral for the facility by Sea Petroleum Oil & Gas Limited. But Union Bank Savings and Loans filed an application praying the federal high court to join it in the ongoing suit between AMCON and Oduah company.

The mortgage lender through its lawyer claimed that some of the properties seized by AMCON were used as by Stella, Star Properties and five of its directors to secure various mortgage loans between December 2009 and November 2010 amounting to ₦385, 750,000.The application claimed that despite several loan restructuring arrangements and interest waivers made to encourage the borrowers to pay up, they remain indebted to the company till date.

Union Homes is therefore arguing that the property used by the borrowers as collateral ought to be forfeited to it and not to AMCON.In the application, Union Homes Savings and Loans averred that it is entitled to the protection of its proprietary interest in the specified properties. It also prays the court to join as an interested party in AMCON’s suit against Sea Petroleum so that it can defend and safeguard its own interests and prevent being compulsorily and unjustly divested of its legitimate investment and proprietary interest by the plaintiffs.