AMCON confiscates properties of ex-minister, Ademola Seriki over N1b debt

Asset Management Corporation of Nigeria (AMCON), has taken over two properties belonging to Hon. Ademola Seriki, in Lagos, and Abuja, over an outstanding staggering indebtedness of nearly N1billion. The action follows an order by Hon. Justice Chuka Austine Obiozor of the Federal High Court, Lagos.

The case between AMCON and Seriki, a former Minister of State for Defence as well as former Supervising Minister for Mines and Steel Development, had lingered for a while now.

Ideally, AMCON does not in the first instance resort to the courts except when the obligor defies all overtures from the Corporation for a peaceful resolution of an obligation. 

Accordingly, AMCON said in a statement it had no choice than to pursue justice in court, and in compliance to the court order on Monday, through one of its Asset Management Partners (AMPs), Oak Partners, received protective orders from the court, and took possession of the said properties belonging to the former minister. “The affected properties include the that is 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 statement read.

It added that “The Non-Performing Loans (NPLs) of Ademola Seriki was sold to AMCON by the defunct Oceanic Bank and Skye Bank. When all efforts to amicably resolve the loan were frustrated by the former minister, and a prominent member of the ruling All Progressive Congress (APC), the Corporation was left with no other choice than to defer the matter to court. Having looked at the case over time, the court ordered AMCON to take over the assets of the APC chieftain.”