AMCON seizes homes in Lagos over N13b debt

The Asset Management Corporation of Nigeria (AMCON) yesterday took over several multi-billion naira properties in Victory Park Estate, Lekki, Lagos, following a N12.9 billion judgment debt it won at the Court of Appeal in Lagos.

The properties included assets of Knight Rook Limited situated within Victory Park Estate.

The take-over followed the dismissal of an appeal filed by Rev. Olajide Awosedo against an October 3, 2017 judgment of the Federal High Court in a suit marked FHC/L/CS/744/17 – Asset Management Corporation of Nigeria v. Knight Rook Limited & Ors.

The appellate court also awarded a cumulative sum of N12,966,510,191 in favour of AMCON against Knight Rook Ltd., Grant Properties Ltd., Rev Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Ltd.

AMCON officials and sheriffs of the Federal High Court, Lagos were protected by a detachment of police officers as they enforced the June 3, 2019 ruling.

The Sheriffs told residents of the estate that they were on a lawful duty to execute the Federal High Court judgment against the assets of certain entities, which were allegedly indebted to a consortium of banks, but which debt was taken over by AMCON.

Some of the residents, who craved anonymity, confirmed the development.

They noted that they were aware of a series of court actions regarding the alleged debt and the collateral land as well as the judgment, adding that many of the residents who had earlier acquired titles from the alleged debtors were affected by the judgment.

Others stated that they were in receipt of an official statement by AMCON to residents, notifying them of the appellate court’s ruling upholding the lower court’s judgment.

The statement reads in part: “AMCON hereby notifies all occupiers, residents and all persons laying claim to any portion of land comprised within the Victory Park Estate, Lekki, Lagos that on June 3, 2019, the Court of Appeal (Lagos Division) in the Appeal No: CA/L/146/18 dismissed the appeal filed by Rev. Olajide Awosedo against the judgment of the Federal High Court delivered on October 3, 2017 in Suit No: FHC/L/CS/744/17 – Asset Management Corporation of Nigeria v. Knight Rook Ltd & Ors by which a judgment sum of N12,966,510,191 was cumulatively awarded in favour of AMCON against Knight Rook Ltd., Grant Properties Limited, Rev Olajide Awosedo, Olawunmi Olajide-Awosedo, Abimbola Olajide-Awosedo and Fibigboye Estates Ltd.

“Which judgment also specifically foreclosed the defendants’ right to the assets of Knight Rook Limited comprised within Victory Park Estate, Lekki, Lagos, among other assets, in satisfaction of the judgment, which judgment has been executed by AMCON.”